Justine Pattullo

Common Declarations, Pensions Dashboard, Options Transfers, Standards

Blog | DB Transfers: A call to arms

Volumes of DB transfers have continued to grow and grow, and nearly every day there seems to be a new DB transfers story – some good, some bad and, unfortunately, even a few ugly ones. As transfer geeks ourselves, this is a subject close to our heart, so we’ve been watching the ups and downs with a very keen eye.

DB Transfers - Request out White Paper today

Over the last few months we decided to dig a little deeper and did some investigating ourselves; looking closely at the end-to-end DB transfer experience and some very interesting things have come to light. So interesting in fact that we just had to collate it and put it all down in a White Paper – The Troubles with DB Transfers. This piece is hot off the press release – being released just this week (9th August 17).

The White Paper explores several key areas, not looking at the reasons why DB transfers are increasing (those are all fairly well documented) – we got really stuck in to the complexities of what is happening underneath the bonnet, what happens when that transfer is set in motion. We looked at:

  • Quotes and actual transfers trends.
  • What the barriers are to a smoother, faster transfer process.
  • Mapping the end-to-end process and the complexities within it.
  • Looking at steps that can be taken to improve the transfer process.

The findings of our research were very interesting indeed (if I say so myself), particularly when we started to dig down in to the coping mechanisms that organisations are using. Without giving the whole game away, we can say that the mechanisms used are not sustainable. They are short-term relief; like taking aspirin for a broken leg, it might ease the pain but it won’t heal the bones. The coping mechanisms documented are varied and support different parts of the process, easing the pain across different areas but not necessarily solving the real underlying issues.

Additionally to that, there is also a real concern that for many this is seen as an unprofitable task, so spending any more time than is necessary on it could have dramatic consequences. Never mind the damage it could be causing the member – who is stuck waiting, watching, wondering...  

So, how can this be made better not only for the industry but, more importantly, for the member? Our White Paper digs deep and gets to grips with the real issues that are causing stresses and strains across our industry, and how through collaboration, the process can be improved to ensure a positive member outcome.

While our White Paper explores potential fixes and solutions what it’s really asking for is a ‘call to arms’ it’s time for us to put on our 'big person pants' and deal with the situation that is becoming hard to bear. Not just to help ourselves and smooth the road between each other, but to help protect members and improve the transfer experience for them.

Request your copy of our White Paper today >

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