Speaking at the PLSA annual conference today, Opperman will say the 100-day transfers are “outdated” in the modern digital age.
He has backed the Transfers and Re-Registrations Industry Group (TRIG) framework to improve standards in financial services.
The framework will commit administrators of occupational pension schemes to rapidly work towards a 21 day end-to-end transfer time, and a 14 day timetable for personal pensions. This will ensure that pension schemes are able to demonstrate their commitment to both best practice and to constant improvements in standards for routine transfers.
In a keynote speech to the Pensions and Lifetime Savings Association conference, Opperman will say: “Pension transfers empower savers, giving them control over their money. Average pension transfer waiting times of 100 days are outdated in the modern, digital age.
“That is why I am calling on all DC pension schemes to sign up to this new framework to reduce the time it takes to transfer a pension between DC schemes.”
