“The continuing increases are primarily due to a general rise of transfer volumes across the Origo Transfer Service community, alongside new companies, such as NEST, signing up to the Transfer Service in the past 12 months. There are now over 100 brands using the service.
“The service provides the benefit of automation of the transfer process with immediate efficiencies of creating faster, safer outcomes for individuals and cost and resource savings for providers and administrators.”
Origo Transfer Index performance data
The third publication of the Origo Transfer Index, which tracks the transfer performance of some of the leading providers in the pensions market, shows a decrease in the overall average pension ceding time from 9.3 calendar days for the year to 31 March 2019, to 8.9 calendar days for the year to 30 September 2019.
Currently 28 firms are committed to publishing their data on a quarterly basis via the Origo Transfer Index (others are in the pipeline).
Of the 100+ brands on the service these 28 firms make up 80% of the transfer volumes.
Rafferty says: “This year Origo celebrates 30 years of driving efficiencies and best practice in the industry, both through our work as a Fintech and through our long history of collaboration with the industry to get things done.
“Through the Origo Transfer Index, we are looking to further improve both the speed, security and the transparency of the transfer process. By publishing the times taken to transfer out of a pension, Origo and its community of administrators, master trusts, platforms and providers are encouraging other organisations to commit to greater transfer transparency and so create a benchmark for the industry as a whole to aim for.
“We encourage other organisations to participate in the Index, thereby helping to improve outcomes for individuals.”
The full quarterly statistics document can be downloaded here
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