Pension providers are reporting a sharp rise in the number of people shifting their retirement savings to new firms.
The jump in transfers comes as savers hunt for better returns, lower charges and more flexibility over how their money is managed.
Pension providers across the UK say they are seeing an unusually large rush of savers moving their retirement pots in the first weeks of 2026, well beyond the normal January rise.
Interactive Investor, AJ Bell, Freetrade, Moneybox and PensionBee told The i Paper that transfer requests have jumped in recent weeks as people pay closer attention to fees and investment performance.
The numbers underline the scale of the shift. Moneybox said transfers over the past fortnight were 87 per cent higher than during the final quarter of 2025.
Interactive Investor has seen an even sharper move. Transfers coming from Hargreaves Lansdown are up by almost 200 per cent since the rival announced changes to its pricing.
Hargreaves Lansdown said it will cut its annual platform fee from 0.45 per cent to 0.35 per cent for ISAs and self invested personal pensions from March.
Charges on its ready made pension will also fall, dropping from 0.45 per cent to 0.15 per cent.
Charges on its ready made pension will also fall, dropping from 0.45 per cent to 0.15 per cent
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GETTYEven after those cuts, its fees are still higher than some competitors. Analysts say that difference is pushing many customers to look more carefully at whether they could get a better deal elsewhere.
Multiple firms have noted a particular exodus from Hargreaves Lansdown in recent weeks, even following the fee cut announcement.
Interactive Investor also reported substantial inflows from major life insurers such as Aviva and Scottish Widows, with SIPP transfers proving especially popular.
A spokesperson for Interactive Investor said: “We recently changed our fee structure, broadening our value proposition to even more investors and their families.”
Multiple firms have noted a particular exodus from Hargreaves Lansdown in recent weeks, even following the fee cut announcement
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GETTYThe company added that the recent surge “is also likely indicative of a broader, and growing, awareness of the costs associated with your investments”, alongside heightened attention as the tax year end approaches.
Brian Byrnes, director of personal finance at Moneybox, attributed the transfer boom to several factors. New Year prompts people to take stock of their financial arrangements, he explained, while the launch of three new Moneybox-branded pension funds and a cashback incentive worth up to £10,000 have also attracted switchers.
AJ Bell’s direct-to-consumer managing director Charlie Musson confirmed his platform had likewise witnessed increased switching activity since January began.
Hargreaves Lansdown maintained that customers had responded positively to its changes
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GETTYLisa Picardo, chief business officer UK at PensionBee, said: “This year’s rise in transfer activity likely reflects a broader trend: pension consciousness is rising, people are more aware and engaged with their pensions than they were a few years ago and they’re looking for ease of having everything in one place.”
She added that demand would likely remain robust as pension dashboards draw nearer, giving savers clearer visibility of their scattered retirement savings.
Hargreaves Lansdown maintained that customers had responded positively to its changes.
Chief client officer Simon Belsham said: “We have had clients contacting us to thank us for making these changes and have seen others, who had previously considered leaving HL, now choosing to stay as a result.”