The first automated transfers between occupational defined contribution schemes through Origo’s new transfers service has taken place, moving 305 members between Standard Life and Scottish Widows in around five days.
Origo says the new automated bulk transfer process, operated through its Options Transfers service, has brought down to a number of days an operation that can take months to complete when done manually.
The automated transfers moved assets of over £11 million between the providers. Two transfers took place, with each provider both receiving and sending a scheme. Origo says the Options Transfers service speeds up the bulk transfers process by removing the industry’s previous reliance on paperwork, eliminating the potential risks of keying errors.
Other providers on the Options Transfers service include ReAssure, Royal London and Zurich.
Origo managing director Paul Pettitt says: “We are delighted that Standard Life and Scottish Widows have been the first to demonstrate and benefit from the efficiencies and cost savings that can be gained from automating bulk transfers of pension schemes using the Origo Options Transfers service. This has set the standard for the way providers, TPAs and EBCs transfer pensions.
“The regulator has increased its focus on the member experience, leading to manual processes coming under greater scrutiny. Users of Options Transfers will not only be seen to be responsive to government and regulatory concerns around pensions transfers, but also will be able to monitor their transfers performance accurately, improve their service to members and enhance their reputation in the industry.”
Standard Life head of customer and workplace pension proposition strategy and development Neil Hugh says: “Automated bulk transfer enables faster switching between ceding and receiving parties, which is transparent and secure. It helps employers to save considerable time and resource commitment, which is a real benefit to them. We’re pleased to have played a part in the industry’s first bulk automated transfers of workplace schemes and we will continue to support Origo’s industry-leading technology.”
Scottish Widows head of workplace savings proposition Alison Nicolson says: “Origo’s Bulk Transfers service ensures the quick movement of funds between providers which helps us enhance our members’ experience when their employer makes the decision to move pension scheme provider.
“We are constantly striving to deliver better member outcomes in retirement and will continue to use technology to simplify processes and make things easier for our customers.”