Zurich has agreed to Tisa’s minimum standards for automatic transfer of pension assets.
Last month Tisa launched a voluntary code of practice for the electronic transfer of pension assets, the pensions equivalent to the Tisa Exchange agreement between platforms for the transfer of Isa and general investment assets.
The pension transfer terms were initially met with limited take-up among Tisa members, which include a number of pension providers.
Signing up to the Tisa terms means Zurich commits to transfer pension assets within two weeks to other providers who have signed up to the Tisa agreement.
Zurich head of retail platform strategy Alistair Wilson says: “We are proud to be leading the way with adopting TeX for pensions re-registration. This is another important step in showing our commitment to the intermediary market and the importance we place on helping advisers do business more easily.”
TeX director Jeffrey Mushens says: “TeX is now the standard for re-reg of funds and stocks and shares Isas, with over 90 per cent of coverage among fund managers and platforms. Due to industry demand the scope of TeX was expanded to include pensions, and we are very pleased to see firms like Zurich lead the way in this important market.”