Latest data from the Origo Transfer Index show that average pensions transfers times have nudged up for the year to the end of September 2021.
The Index, produced on a quarterly basis, shows average times over the previous 12 months through the Origo Transfer Service. For the quarter to end of September 2021 the average time for transfer across the 28 participants in the Index (see below) was 10.9 calendar days for simpler transfers (i.e. where the provider has complete control over the transfer process) and 13.2 calendar days for overall transfers (where the provider may or may not have control over the entire process). Data for the 12 months to end of June were 10.2 days for simpler transfers and 12.5 for overall transfers.
The Origo Transfer Index (OTI) was set up by Origo to increase transparency in the transfer market and help improve industry performance and customer outcomes by providing an industry benchmark for average times taken to transfer a pension to another provider, against which companies can compare their own transfer performance.
Participation in the index is voluntary and this quarter Vanguard joined the Index bringing the total number of providers and platforms publishing via the OTI to 28. These participants collectively account for 80% of all completed transfers through the Origo Transfer Service, the FinTech said.
NFU Mutual was highlighted as having consistently been the best performer in 2021; this quarter averaging 6.1 days overall for transfers, and 4.6 days for simpler transfers.
Seven providers improved their yearly average performance from Q2 to Q3 2021: Fidelity, Forester Life, Hargreaves Lansdown, Legal and General, LV=, NFU Mutual and Parmenion.
Anthony Rafferty, CEO, Origo, said: “We are delighted that Vanguard has joined the Origo Transfer Index. We now have a significant number of platforms and providers openly publishing their data through the Index, including most of the leading providers in the market.
“The more participants that engage with the index the better it is for the industry and for customers, as it provides an overall industry benchmark against which providers and platforms can measure their performance and where they may be able to improve the standard of service for consumers.”
In September Capgemini and Origo were appointed to supply the central digital architecture for the Pensions Dashboards Programme.
