Major pension administrator EQ Retirement Solutions is to use the Origo Transfer Service for automated, digital transfers of pensions.
EQ Retirement Solutions joins other major administrators and pensions providers such as Mercer, NOW Pensions, Capita, People’s Pension, L&G, NEST and Smart Pension in using the service for transferring cash between pensions or to annuity providers.
Anthony Rafferty, CEO, Origo, says: “We are delighted that EQ Retirement Solutions has joined the Origo Transfer Service, joining other major pension administrators as part of the Transfer Service community.
“It is important for consumers that as an industry we effect transfers as quickly, efficiently and securely as possible. Transfers of all kinds are coming under the Regulator’s scrutiny, not least under the new Consumer Duty rules. Use of automated digital services is now the pre-requisite for providers in the industry.
“The Origo Transfer service enables pension providers, administrators and platforms to quickly, efficiently and securely transfer pension holders’ cash in a fraction of the time it takes to do so using paper-dependent systems. Those providers that have not automated and are still using slow, paper-based systems, risk falling foul of the new regulations.”
