“As the quality of pension administration becomes more important in the run-up to the pension dashboard, we encourage all providers to re-examine whether their processes are delivering desired customer outcomes.”
PensionBee also claimed the longest pension transfer in August was with Capita Financial Managers, which took four months to be completed.
The delay was caused by two reasons, according to PensionBee.
Capita required Mr B to complete transfer forms and post them back, and after that it asked for his passport or driving licence, either a certified copy or original, before they release his funds.
However, people familiar with the matter said Capita's position is that the delay was caused by the customer because the signature on the letter of authority provided by the adviser did not match the signature on the provider’s database, which delayed the initial process.
Also, the identification documents submitted were not dated, which made Capita having to chase Mr B several times by telephone and letter. It took over three months for the correct documentation to be supplied.
Ben Smaje, chartered financial planner and managing director at Kennedy Black Wealth Management, said that "if providers are being held to account for the service their providing, then I think this [PensionBee disclosing case studies] is a good thing".
He said: "If there is a threat that they [providers] might be named and shamed, then standards might improve."
Pensionbee has been quick to take aim at more established rivals over what it claims are their poor service.
Last month, the company presented a complaint to life company Aegon about its slow pension transfer processes.
maria.espadinha@ft.com
