Savers trying to move their pension to a new provider could face extra paperwork that may add weeks of delays to the transfer process, causing more problems for people looking to move their retirement funds.
Under proposals set out by watchdog the Financial Conduct Authority (FCA), in December, the pension firm a saver is leaving would have 10 working days to send a pack of information to the new provider chosen by the customer.
The new company would then have three working days to pass this information on to the saver before the transfer could continue.
The aim of the proposals is to make it easier for savers to compare schemes before they move their money.
However, the FCA is reportedly concerned that some savers are transferring pensions without properly considering whether they could face higher fees, lose useful features or end up with investment options that are less suitable for them.
