Improved pension transfer times recorded
11 February 2020
Latest pension transfer data provided by Origo shows improvements in transfer times in 2019.
The end-of-year data for the total Origo Transfer community showed a reduction in transfer times by 3.9% compared to 2018, down to 9.6 days.
In addition, the latest data provided by the Origo Transfer Index (OTI), which measures the average time taken to cede pensions for a group of providers publishing their performance data on a quarterly basis, had average transfer times below this figure, with OTI participants completing in 8.7 days for all ceding transfers and 7.9 days for simpler transfers – i.e. the transfers where the ceding provider has complete control over, and can reasonably be held fully accountable for, the entire ceding process.
The best performing provider was NFU Mutual, with an overall ceding time of 4.7 days, while of the 26 firms publishing their data Hargreaves Lansdown on average took the longest to transfer at 29.5 days.
Origo also noted record figures for the Transfer service in 2019, having transferred £206bn through the service since 2008, with volumes of transfers in 2019 at a record level, up 25% on the previous year, and the total amount transferred in 2019 at over £36 billion, another record amount for the service.
Anthony Rafferty, Managing Director, Origo (pictured), says: “These are good news figures for the industry, reflecting its willingness to embrace technology to create greater efficiencies and improve its performance, and importantly, its continuing success in improving customer outcomes.
“The transfer of £206 billion through the Origo Transfer Service since launch in 2008 is a significant milestone for Origo and the industry. Over 120 brands use and trust the service including big-name life assurers as well as a significant proportion of the platform and SIPP market who are all benefiting from the automation of transfers.
“The volume of cases completed through the Origo Transfer Service has been growing year on year as an increasing number of transfers take place within the industry and more providers join the service.”
“Members of our community who account for the majority of transfers through the service publish their transfer performance through the Origo Transfer Index (OTI) every quarter. The OTI reflects the industry’s focus on constantly improving its performance and the outcomes for individuals who want their money moved from one place to another as quickly, smoothly and as safely possible – and as the latest OTI figures show, overall performance is continuing to improve.”
Average ceding performance over 12 months (1 Jan 2019 – 31 Dec 2019)
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