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Providers slow to sign up to pension transfer standard

Providers have been slow to back an industry initiative that will speed up the transfer of pension assets onto platforms and between providers.

Tisa launched its standard for electronic pension transfers last week. Members who sign up commit to transferring pension assets within six working days.

Legal & General and Hargreaves Lansdown have not yet signed up to the agreement but say they will consider it. Sipp platform operator AJ Bell will adopt the standard this year.

Suffolk Life is not a Tisa member but says it has not signed up due to low levels of in specie transfer.

Suffolk Life head of marketing Greg Kingston says: “The volume of in specie transfers is relatively low, as is the number of other Sipp providers signed up for this service. Where we do receive in specie transfers, the assets are often already on a third-party investment platform so the re-registration process is relatively simple already.”

Zurich and Aviva intend to sign up to the standard while Fidelity could not confirm its plans.

The Department for Work and Pensions has previously looked into the regulation of minimum transfer times under its pot follows member reforms.

Tisa hopes the minimum standard will “remove the need for direct Government intervention”. 

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