Scottish Widows and Clerical Medical are the latest companies to join the Origo Transfer Index, bringing the number of participating providers to 30.
This provider group represented 92 per cent of all transfers conducted through the Origo Transfer Service in the 12-month period ending in September 2023, setting a performance standard for the sector.
According to recent data, the group’s overall transfer times have decreased from 13.6 to 12.9 calendar days.
The average duration for simpler transfers decreased from 11.5 to 10.6 calendar days, which is a positive development. Simpler transfers are ones where the céding provider is fully in charge of and responsible for every step of the transfer process.
Origo CEO Anthony Rafferty says: “We are delighted to welcome Scottish Widows and Clerical Medical to the Origo Transfer Index.
“The Origo Transfer Service processes the vast majority of pensions transfers in the UK market and with 92 per cent of transfers through the Service now accounted for in the Index, the data provides a reliable indicator of the performance of the overall transfer market, which as can be seen, has notably improved over the last quarter.
“All transfer times are under the Regulator’s scrutiny. Our data shows that within the pensions market, Origo’s digital processing is enabling simple pensions transfers to consistently complete in around 10 days. The pensions industry must now look to its outliers, who typically use slow, paper-based processes, with a view to bringing down pensions transfers times across the board.”
Rafferty ads: “It is highly encouraging to see average pension transfer times across the 92 per cent of transfers covered by the Origo Transfer Index, have markedly improved over the quarter. It is important for consumer outcomes that as an industry we continue to reduce transfer times whilst keeping security front of mind.
“It is also important to point out that the 30 providers now participating in the Origo Transfer Index, publish their data voluntarily, and are doing so to create greater transparency on pensions transfers and to help improve performance across the industry overall. Data is published no matter what their performance and every provider should be commended for their involvement.”
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