Some companies saw average pension switching time sit at more than 20 days over a year, compared with the average of 12.5 days overall.
Origio’s transfer index sets out the data of 30 pension providers.
It shows between October 2022 and November 2023 the average time a pension switch took was 12.5 days, dropping to 10 days for simpler transactions.
Overall half of transfers were completed in seven days or less.
However, there were three firms which still saw wait times of more than 20 days.
The longest wait was 25.7 days for LV=, followed by 23 days for Vanguard and 20.3 days for People’s Partnership.
Anthony Rafferty, CEO Origo, said: “Alongside the increased volumes handled through the [Origo Transfer Service], transfer times have continued their downward trend through the year, from an average of 14 calendar days in January 2023 to 12.6 calendar days in December.
“Times for simpler transfers have also decreased from 12 to 10.1 calendar days over the year.”
The index represents 92 per cent of all transfers completed through Origo’s service and compiles the data of the 30 providers which have agreed to publish their data on a quarterly basis.
Most recently, Scottish Widows and Clerical Medical joined in October 2023.
Origo said 2023 was a record breaking year for pension switches through its service, with more than 1.2mn completed, compared with just over 1mn the previous year.
This equates to transferring almost £53bn for pension holders, a 24 per cent increase on the previous year.
Vanguard said transfers have taken longer than usual due to high volume of requests for switches and said it has invested in its platform and service.
A spokesperson said: "We apologise for any inconvenience this may have caused, and are working hard, alongside our counterparties, to make sure every transfer is processed fairly and efficiently."
While a spokesperson for LV= said: "We recognise the latest Origo figures include data from a rolling 12-month period. In 2023, we made significant improvements to transfer times.
"Whilst we’re pleased with these improvements, we still have some way to go and this continues to be a key area of focus for us."
People's Partnership was contacted for comment.
tara.o'connor@ft.com
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