Monzo Urges UK Lawmakers to Set 30-Day Pension Transfer Deadline

Pension transfers in Britain can be slowed by paper-based processes, incompatible provider systems and anti-fraud checks, making it harder for savers to consolidate old pots and manage retirement assets. Monzo cited Financial Conduct Authority and Pensions Commission data showing that one in 10 UK adults has no cash savings, while about 15 million people are not saving enough for retirement. The bank argues the policy challenge is increasingly to remove friction that prevents consumers from acting, rather than simply raising awareness of long-term saving.

At a parliamentary event hosted by MP Callum Anderson on July 14, 2026, Monzo wealth general manager Jo Phillips urged lawmakers to impose a statutory 30-day deadline for pension transfers. The digital bank also proposed a common electronic transfer system covering all pension providers and called for proportionate rules that focus compliance checks on higher-risk transactions. Monzo said it now processes roughly one pension transfer every two minutes, presenting that volume as evidence that simpler processes can spur uptake. The proposals may feed into debate over UK pension reform and require coordination between the DWP and FCA.