Rival providers row over pension transfer rights

Advisers seeking to help their clients access their pension money have found themselves caught between two rival pension providers embroiled in an on-going conflict over pension transfers.

Pensionbee, a fintech pension provider, has complained to traditional life company Aegon about its slow transfer processes.

The newer kid on the block has claimed its older rival is employing systems which are directly targeting it, and making life more difficult for Pensionbee customers.

Both companies are members of Origo Options – a service which facilitates pension transfers – but since June, Aegon has refused to transfer to Pensionbee using the service.