Origo celebrates 10 years of reducing pensions transfers times
16 December 2018
Origo’s Options Transfers service is celebrating its 10-year anniversary, having transferred over £160bn in pensions, ISA and GIAs for consumers and the industry over the past decade.
Options Transfers, which has close to 120 financial services users, was launched in 2008 to tackle what the company describes as the “inordinately lengthy time frames” for transferring pensions, which averaged around 50 working days. Today, the average transfer time is just 11 calendar days, which the company says has saved consumers 225 million transfer days over the decade.
Options Tranfers said the fastest transfer processing completed by a ceding provider has been less than a minute.
Anthony Rafferty, managing director of Origo, says: “In developing the Options Transfers service, Origo worked closely with the industry to revamp a largely manual process, and re-engineered it through the creation of new frameworks and technology.
“These new legal and technological developments swiftly helped reduce the time taken to transfer. Now transfers through Options Transfers take an average of just 11 calendar days, including the time required for banks to process monies through BACS.”
Since its launch 10 years ago, 3.25 million pension transfers have been completed and 40,000 transfers have been processed each month since the introduction of the pensions freedoms in 2015.
Following its success with pensions, the service was upgraded to support ISA and GIA transfers, as well as occupational transfers. The service also enables pension schemes and third-party administrators to effect bulk transfers of pension members, where a scheme changes administrator or an employer changes scheme.
Rafferty added: “Users of Options Transfers are part of a trusted community focussed on improving their operations and delivering better service to the consumer. The Options Transfers user group and steering group feed into the service to ensure we are delivering what the industry needs including complete readiness ahead of any regulatory changes, such as Pensions Freedoms.”
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