Pension transfer volumes have increased by 20 per cent year on year between 30 June 2018 and 30 June 2019 to more than £680,000 through the Origo Transfer Service.
The pensions technology firm says this has been driven by new companies, such as Nest signing up to the service at the end of 2018 and a rise of transfer volumes across the community.
The second publication of the transfer index, which tracks the transfer performance of some providers in the pension and investment markets, shows a marginal improvement in average transfer times between yearly figures recorded at the end of April 2019 and the end of June 2019 – from an overall average ceding performance of 9.3 to 9.2 calendar days.
This quarter wrap platform Novia has joined the list of providers voluntarily publishing their ceding data.
Novia head of technical Ben Collings says: “This index will provide increased transparency for the industry and ultimately help to deliver a better service and improved outcomes for investors.”
Nest director of customer engagement Mark Rowlands says: “It’s important our members have the ability to move their savings around quickly and easily. As this report shows Nest’s average transfer time has fallen to less than a fortnight, which is a great achievement in the nine months since we joined.
“While we’ll continue to offer quick transfers we also want savers to have clear information about how much each scheme charges. This will allow people to build up the retirement pot they want while knowing how much it’ll cost them, helping them to make informed decisions.”
Origo managing director Anthony Rafferty adds: “Government and the regulator have made it clear that they have their eyes on transfer performances and consumers deserve better. It is important that the industry responds to this and so the regular publication of performance data is a demonstration of the commitment to strive for, and maintain, faster transfer times.”
Rafferty says the company will encourage others to become part of the index.
There are now 28 firms which have committed to publish their data on a quarterly basis. They account for 80 per cent of the transfer volumes of the 100 plus brands on the service.