Pension transfer times have improved over the past year, now taking on average 8.8 calendar days to complete, according to the latest data published by Origo.
The Fintech’s quarterly published Transfer Index reports how long it takes to cede pensions from the point of request to transaction, for the preceding 12 months. The latest data show that the average transfer time dropped from 9.3 days to 8.8 days, with simpler transfers taking just 7 days to complete, down from 7.9 days a year ago.
During the same 12 month period, the Origo Transfer Service transferred £37.2 billion, with an average transfer value of £47,609.
Anthony Rafferty, managing director, Origo, said the reduction in time taken by providers was “good news” for individuals wanting to quickly transfer their assets.
He said: “The Origo Transfer Index was established as a means for members of the Origo Transfer Service community to publish their 12-month average ceding transfer times on a quarterly basis. The aim is to help drive up transparency in the industry as well as demonstrating that the long timeframes being headlined – over 50 days in some cases – were far from indicative of the industry’s performance.
“The FCA has transfer times firmly in its spotlight as does Minister for Pensions and Financial Inclusion, Guy Opperman, who has urged providers to be transparent with their transfer times and to work to lower them to provide a better service for consumers.
“The average transfer times being achieved by participants in the Origo Transfer Index overall is to be commended and is good news for individuals wishing to safely and quickly transfer their assets.”
Origo Transfer Index – Average pension transfer times