Tisa and Origo go head-to-head over pension declarations

Pensions-savings-retirement-piggy bank

Tisa and Origo are to go head-to-head as both organisations eye open standard pension declaration forms.

Pension transfer processes have come under scrutiny since the rollout of the new freedoms in April, with providers criticised for operating outdated transfer systems.

Tisa already offers open standards for Isa transfers through Tisa Exchange but is set to extend the services to pensions.

Now Origo, which dominates the pension transfer market through its Options service and is owned by the largest life companies, says it will open up its existing pension declaration form to all users in the coming weeks.

Origo managing director Paul Pettitt says: “We asked all the Options users whether they thought Tisa Exchange should create its own declaration form and they said it would be a silly thing to do because we already had a form and most of the industry used Options.

“We made our declarations free for people to use in 2013. Now we are going to allow all users, not just Options users, to be part of a user group to manage the standards.

“We are in the last throes of setting this up.”

Tisa policy strategy director Adrian Boulding says: “One of the reasons Isa transfer times have come down is Tisa Exchange. People have been asking if we can have an equivalent book of standards for pensions. If the industry wants it, Tisa is very happy to do it.”

Altus director Ben Cocks says: “The Origo pension declaration has served its members well but the broader work that Tisa has undertaken will prove best in the long term.”

A common declaration standard is an agreed set of words that is incorporated into the receiving pension provider or platform application forms allowing the consumer to make discharge, lifetime allowance and pension commencement declarations when making a transfer.