The average transfer times for defined contribution (DC) pensions are continuing to fall, according to Origo.
Average transfer times fell from 12.3 to 12 calendar days in the 12 months ending June 2024, a 14.2 per cent decrease from January 2023. Simpler transfers, with more control by the transferring company, showed an 18.3 per cent reduction, decreasing from 12 days in January 2023 to 9.8 days by June 2024.
The Origo Transfer Service handles about 95 per cent of all DC pension transfers in the United Kingdom. The Origo Transfer Index issued quarterly, tracks the transfer times of 30 main industry participants, accounting for 92 per cent of all transfers made through the service.
Origo CEO Anthony Rafferty says: “Our data shows that transfer times have been progressively falling over the past 18 months, which is good news for the industry and for the end consumer.
“As we approach the first anniversary of the implementation of the Consumer Duty rules, it is important that all companies review their processes with a view to ensuring consumers do not suffer detriment or foreseeable harm.
“These lie as much in the speed of service to the consumer as in any other area. We all want consumers to receive the best service, and it’s great to see the Origo Transfer Service helping to deliver faster transfers for everyone.
“In other processing areas – such as letters of authority – where overly long delays are being experienced by advisers, we have to look at where the pain points are, and make every effort to resolve them.”