The average duration for all transfers has decreased from 13.6 calendar days to 12.9 calendar days, which is a positive development in terms of efficiency and speed, according to the Origo Transfer Index.
When comparing overall average ceding performance days, LV= had the longest average at 27.6 days followed by People’s Partnership at 24.2, while Forester Life had the shortest at 5.3 followed by MetLife at 6.2.
The average duration for simpler transfers decreased from 11.5 to 10.6 calendar days, which is a positive development. Simpler transfers are ones where the céding provider is fully in charge of and responsible for every step of the transfer process.
Meanwhile, Scottish Widows and Clerical Medical have joined the Origo Transfer Index, increasing the number of participating providers to 30. The group accounted for 92 per cent of transfers via the Origo Transfer Service in the year ending September 2023.
Origo CEO Anthony Rafferty says: “We are delighted to welcome Scottish Widows and Clerical Medical to the Origo Transfer Index.
“The Origo Transfer Service processes the vast majority of pensions transfers in the UK market and with 92 per cent of transfers through the Service now accounted for in the Index, the data provides a reliable indicator of the performance of the overall transfer market, which as can be seen, has notably improved over the last quarter.
“All transfer times are under the Regulator’s scrutiny. Our data shows that within the pensions market, Origo’s digital processing is enabling simple pensions transfers to consistently complete in around 10 days. The pensions industry must now look to its outliers, who typically use slow, paper-based processes, with a view to bringing down pensions transfers times across the board.”
Rafferty ads: “It is highly encouraging to see average pension transfer times across the 92 per cent of transfers covered by the Origo Transfer Index, have markedly improved over the quarter. It is important for consumer outcomes that as an industry we continue to reduce transfer times whilst keeping security front of mind.
“It is also important to point out that the 30 providers now participating in the Origo Transfer Index, publish their data voluntarily, and are doing so to create greater transparency on pensions transfers and to help improve performance across the industry overall. Data is published no matter what their performance and every provider should be commended for their involvement.”
