Transfer volumes through the Origo Transfer Service increased by 20 per cent in the year to 30 June 2019, to over 680,000, while the time taken to execute transfers fell from an average of 9.3 to 9.2 calendar days.
The transfer fintech said the increase was primarily due to a rise of transfer volumes across the sector as well as new companies, such as Nest, signing up to the transfer service. Nest joined the Origo Transfer Service at the end of 2018.
This quarter the wrap platform Novia joined the list of providers voluntarily publishing their ceding data in a drive to improve the industry’s transfer times. There are now 28 firms committed to publishing their data on a quarterly basis via the Origo Transfer Index, and of the 100+ brands on the service, these 28 firms make up 80 per cent of transfer volumes.
Origo managing director Anthony Rafferty says: “Government and the regulator have made it clear that they have their eyes on transfer performances and consumers deserve better. It is important that the industry responds to this and so the regular publication of performance data is a demonstration of the commitment to strive for, and maintain, faster transfer times. The Origo Transfer Index is a means to bring transparency to the transfer process, publishing the times taken to transfer out of a pension, which on average is typically one of the slowest processes for consumers.
Nest director of customer engagement Mark Rowlands says: “It’s important our members have the ability to move their savings around quickly and easily. As this report shows Nest’s average transfer time has fallen to less than a fortnight, which is a great achievement in the nine months since we joined.
“While we’ll continue to offer quick transfers we also want savers to have clear information about how much each scheme charges. This will allow people to build up the retirement pot they want while knowing how much it’ll cost them, helping them to make informed decisions.”
Novia head of technical Ben Collings says: “We are pleased to be joining other leading companies in publishing our transfer times through the Origo Transfer Index. This index will provide increased transparency for the industry and ultimately help to deliver a better service and improved outcomes for investors.”