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Pension transfer time data published for first time

Pensions technology firm Origo has committed to publishing transfer times on a quarterly basis to help consumers and improve the transfer process.

The data shows the average transfer time of each member when ceding money out of their pensions in the last 12 months.

It tracks the time frame between the transfer request on the Origo Transfer Service to the receipt of transfer proceeds.

The first set of data, covering the 12-month period to 31 March 2019 has been published.

It shows pension-transfer times can differ depending on the provider, and can be used to rank them from slowest to fastest.

While transfers at Canada Life and NFU Mutual took as little as five days, switching out of Liberty Sipp takes 22 days and Hargreaves Lansdown takes 29 days (see table below).

Origo data

The members committed to publishing their data on a quarterly basis are involved in over 80 per cent of all completed transfers on the service.

Origo managing director Anthony Raffety says: “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.

“This initiative from our Origo Transfer Service community will continue on a quarterly basis. It is an extremely positive and encouraging move on the part of the community and my expectation is that other ceding members will want to participate in future releases.”

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