Standard Life has criticised Hargreaves Lansdown and AJ Bell for not signing up to automated pension transfer system, Options.
Options, which is run by Origo, allows providers to transfer funds automatically at retirement. Options II, which Standard Life is testing, would automate pension transfers before retirement.
Standard Life head of pensions policy John Lawson says smaller pension providers, such as A J Bell and Hargreaves Lansdown, have failed to sign up for either Options service.
He says: “There are increasingly pension pots being built up at providers outside insurance companies and none of these guys are signing up.
“How easy is it if you have your pension at Hargreaves Lansdown or AJ Bell and you want to transfer to Standard Life?
“The FSA could name and shame those that take the longest to transfer funds and they might question their commitment to treating customers fairly if it is taking companies too long to transfer funds.”
But Hargreaves Lansdown head of pensions research Tom McPhail says HL has better transfer times than most firms using Options.
He says: “Our business processing times are far in advance of most members of Options at the moment. We have looked at Options and we have had conversations about whether we should participate but we feel that it is far behind where we are already at.”
AJ Bell marketing director Billy MacKay says: “Options is not absolutely perfect for Sipp providers at the moment because it handles cash transfers but not in specie work.
“But we are interested in it and we are continuing to talk to Origo about the possibility of joining.”
The Government is consulting on the barriers to the transfer of small pots as part of its call for evidence on early access to pensions.