Pension transfers should take no more than seven days between providers according to Tom McPhail.
Speaking to PP, the Hargreaves Lansdown head of retirement policy said the industry needs to up its game and create the next generation transfer system.
Transfer delays mean investors are less likely to move their money, competition is stifled, people turn off pensions and there is less pressure on providers to boost their performance.
A pensions dashboard could not solve the problem alone and quicker transfers would benefit consumers.
McPhail said: "Pension transfers are far, far faster and more efficient than they were in the bad old days. However there is a risk that this progress is stalling and consumer confidence could be undermined by uncertainty over how long the process could take. The pensions industry should work together to establish a seven day pension transfer guarantee."
The vast majority of pension transactions are simple, no more complex than switching a bank account and should take no longer than a week to complete, he added.
According to Origo, the industry processes around 400,000 transfers every year through its Options system worth around £20bn annually for contract-based schemes.
Average transfer times are around 11 days but for occupational schemes that do not use Options, the average transfer time is 39 days.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.
Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.
The Hewlett Packard Retirement Benefit Plan has reappointed EQ Paymaster as its third-party administrator (TPA) for five years.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.