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Opperman backs initiative to reduce DC transfer times

Pensions minister Guy Opperman will say pension schemes should sign up to a framework to reduce transfer times between defined contribution plans.

In a keynote speech at the Pensions and Lifetime Savings Association conference, Opperman plans to endorse the Transfers and Re-Registrations Industry Group framework.

The industry group published a good practice framework aimed at pension schemes in June.

The framework aims to ensure pension schemes are are able to demonstrate their commitment to both best practice and to constant improvements in standards for routine transfers.

The framework commits administrators of occupational pension schemes work rapidly towards a 21-day end-to-end transfer time, and a 14-day timetable for personal pensions.

The industry group endorsed a joint venture formed by Criterion and TeX under the brand of Star to manage the good practice framework on Tuesday.

Opperman said: “Pension transfers empower savers, giving them control over their money. Average pension transfer waiting times of 100 days are outdated in the modern, digital age.

“That is why I am calling on all DC pension schemes to sign up to this new framework to reduce the time it takes to transfer a pension between DC schemes.”

This call to action is part of a number of initiatives targeted at giving pension scheme members more information around their investments.

That includes increasing the transparency of investment decisions made by trustees and backing the industry to develop a pensions dashboard.

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  1. There is no way we can really reduce transfer times until we have something like the Australian SuperStream and nor will we have an efficient Pensions Dashboard

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