View more on these topics

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”. 

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com