The government has called in Aon Hewitt, Mercer, and Willis Towers Watson for “urgent talks” over pension transfer times.
The Big 3 pension firms have been accused of not doing enough to take action on slow pension transfer times, despite Pensions Minister Guy Opperman last year urging them to address the issue. Indeed, they have been described as “flippant in their response” to the letter.
The Department for Work and Pensions (DWP) has said it will not rule out introducing legislation to improve transfer times if it does not see a satisfactory response from the industry. It added that it wants the third party providers to “better explain what was going on”.
A Department for Work and Pensions spokesperson said: “The Pensions Minister wrote to firms urging action on slow transfer times. We’re stepping up our calls for progress and bringing those providers in for urgent talks so they can better explain what is going on.”