Origo is to launch a bulk pensions transfer service for the DC market in the final quarter of this year.
It will allow automated transfers of trust-based occupational and contract-based workplace schemes between pension providers and administrators, typically in switching or consolidation scenarios.
Origo managing director Paul Pettitt says businesses that signed up to an auto-enrolment provider two to three years ago are now beginning to review their options, which will lead to more movement in the market.
He says: “To rely on manual systems to transfer this level of crucial assets and data leaves all parties exposed to slow and disjointed processing and the danger that things could go wrong.
“The bulk transfer service will enable faster, more transparent and secure switching between providers at a fraction of the cost of manual administration.
“Furthermore, the pensions industry is heading into a world where consumers expect an almost instant service.”