Pension providers publish transfer performance data
26 April 2019
A group of providers using the Origo Transfer Service have collectively published their transfer time performance data, in a move intended to increase transparency and help improve industry transfer times.
The first set of data from the 27 providers covers the 12 month period to 31 March 2019 and covers 80% of all completed transfers on the Origo service. It will be updated on a quarterly basis – see table below.
The data shows the average transfer time of each member when ceding money out of their businesses in the last 12 months, tracking the time frame between the transfer request being received on the Origo Transfer Service to the receipt of the transfer proceeds.
Across all 27 providers, the average ceding transfer took 9.3 calendar days. The best performance was achieved by Canada Life and NFU Mutual (both with overall average ceding performance of 5 calendar days), while the worst performance in the table was Hargreaves Lansdown, with an average of 29 calendar days.
Origo said members were voluntarily publishing their transfer times “in a significant move for the industry, intended to showcase their good work in monitoring performance and delivering improved transfer times”. It added it was hoped that bringing greater transparency to the transfer process would help drive the industry as a whole towards improving the overall transfer experience and outcomes for consumers.
Anthony Rafferty, managing director, Origo (pictured), added: “The Origo Transfer Service community has always been progressive in its determination to improve the efficiencies of the industry and the experience and outcomes for consumers…As the figures show, it is possible in the right circumstances to reduce transfer times.”
But he stressed: “It is important to remember that not all transfers are simple or the same and can be affected by numerous influencing factors, with an inevitable impact on the time taken to transfer. These include product and investment vehicle complexity, customer protection and risk management measures, illiquid asset divestment requirements and regulatory requirements, among others.”
Rafferty said his expectation is that other ceding members of the service will want to participate in future releases.
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