EQ Retirement Solutions is the latest company to sign up to Origo’s automated pension transfer service.
It will be used as part of EQ Retirement business process outsources services for life and pension clients, covering bulk purchase annuities and DB pension administration services.
A number of major administrators and providers – including Mercer, Now Pensions, Capita, People’s Pension, L&G, Nest and Smart Pension – now use this service for transferring cash between pensions or to annuity providers.
Origo CEO Anthony Rafferty says: “It is important for consumers that as an industry we effect transfers as quickly, efficiently and securely as possible. Transfers of all kinds are coming under the regulator’s scrutiny, not least under the new Consumer Duty rules. Use of automated digital services is now the pre-requisite for providers in the industry.
“The Origo Transfer service enables pension providers, administrators and platforms to quickly, efficiently and securely transfer pension holders’ cash in a fraction of the time it takes to do so using paper-dependent systems.
“Those providers that have not automated and are still using slow, paper-based systems, risk falling foul of the new regulations.”