BONUS EPISODE: Why do we need a 'Pension Switch Guarantee'?
Description
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For this Pension Awareness Week bonus episode, we're looking at how the pension transfer process works and why it should be improved to give savers more control of their money.
We're spotlighting the need for reform in the pensions industry, specifically with a 'Pension Switch Guarantee' to make pension transfers as simple as switching banks. Only the government has the power to change this, so if you'd like to see a 10-day Pension Switch Guarantee, you can sign the government petition running until 24 January 2026.
Pension switching is a subject close to the heart of PensionBee's Founder and CEO, Romi Savova. Join our host, Philippa Lamb, as we rewind to episode 34 where Romi unpacked 10 years of pension changes.
Episode breakdown:
00:48 What inspired Romi to create PensionBee?
02:00 More jobs means more lost pensions
02:37 Take an interest in your retirement
03:45 It should be simpler to switch pension providers
04:56 Sign the petition for a 'Pension Switch Guarantee'
Further reading
To learn more about pension transfers and personal finances, check out these articles from PensionBee:
- Episode transcript (Blog)
- Annual benefit statements are destroying the planet (Press)
- Pension transfers: part two - why consumers need a 10-day pension switch guarantee (Report)
- How can I transfer pensions? (Article)
- Over £50 billion in pension savings at risk of being lost in the UK (Press)
- The 10-day Pension Switch Guarantee (Press)
- What is the pension age? (Article)
- What's the Pension Switch Guarantee? (Blog)
Other useful resources:
- How long should you stay in one job? (BBC)
- Legislate to mandate offer of electronic pension transfers and higher standards (Petition)
Catch up on the latest news, read our transcripts or watch on YouTube:
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