Lengthy delays are causing some pension savers to give up on moving their pensions, a consumer group has said.
The benefits of transferring or combining pension savings include lower fees or less admin.
But Which? said providers are permitted to take as long as six months to complete a transfer request.
Some members of its Which? Connect online research panel said they had eventually given up on the process as a result.
Which? said with pensions dashboards being developed, which will make it easier for people to see all their pensions in one place, more people are likely to be engaging with their retirement plans.
Which? said it is concerned the current system is “not fit for purpose”.
The consumer group said in one case, a 61-year-old man decided to consolidate three pension pots to make them easier to manage. While two of the transfers were completed within a few months, the third took 15 months to resolve.
During the wait, he started to question the safety of his savings, telling Which?: “You do hear about pension scams, so it crossed my mind as things started to drag on.”
When the transfer finally went through, he said it was a “huge relief”.
A financial adviser also told Which? about a nine-month wait faced by one of his clients.
Which? said that in general, bottlenecks can be caused due to antiquated processes, often requiring “wet” ink signatures. Sometimes, anti-fraud warning flag systems can also be applied by firms to legitimate requests, it added.
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While flagging schemes serve an important function, flags can add friction for savers, the consumer group said.
The Financial Conduct Authority (FCA) is proposing new measures to better support non-advised consumers making transfer decisions, which Which? believes should allow for a faster overall timeframe while ensuring savers have the right information at their disposal at the start of the process.
The reforms will propose a 10-day data-sharing deadline, clear side-by-side comparisons for new and old schemes, and an industry-wide acceptance of digital signatures.
The FCA told Which? its review found more than 75 per cent of sampled firms completed pension transfers within 10 days. It also stated the new proposals would provide consumers with “clearer, more timely and more meaningful information when considering a transfer”.
Jenny Ross, Which? Money editor, said: “It’s essential the industry urgently gets to grips with the issues facing pension savers and ensures a consistent service for those moving their retirement pots.”
