The latest figures for Hargreaves Lansdown’s performance show their average transfer time is now 14.1 calendar days, bringing it in line with the overall average for the Index this quarter of 13.7 calendar days (see table below).
Chris Hill, CEO, Hargreaves Lansdown, says: “Our programme of sustained improvements to our service has built our capacity as well as reduced transfer times and most importantly, we have seen improved outcomes for clients. Ongoing strengthening will improve efficiencies further and this includes the strategic automation of the transfer journey and the introduction of a digital mailroom.”
The Origo Transfer Index is a quarterly report from a voluntary group of 28 providers who are committed to pension transfer transparency in the market. It records the average time taken when money is ceded/transferred out of a provider’s business.
This quarter’s data from the Index also shows that despite the industry having to factor regulatory changes around pensions scams, stronger nudges and normal minimum pension age into their procedures, the average ceding time for pensions transfers amongst the Index’s participating members has remained broadly the same over the past year, increasing by just 0.3. calendar days since January.
Notably, OTI participants account for over 80% of the transfers completed through Origo’s Transfer Service, and more than half of all the completed transfers, over 400,000, were ceded in 7 days or less.
Commenting, Anthony Rafferty, CEO Origo, said: “Origo established the Transfer Index with a group of progressive volunteer providers as a means to increase transparency and benchmark transfer performance for the benefit of the industry as a whole. Participants commit to publish their transfer times on a quarterly basis, whether their times have gone up or down.
“Hargreaves Lansdown are the latest to demonstrate the value of that transparency, and I think it’s great news for consumers that they and others are putting in the effort to deliver better outcomes.
“Given the increased regulatory requirements for providers, it is also a mark of the efficiencies of participants in the Index that the overall average transfer time for the group has not increased materially over the year.”
