Options Transfers completes £100bn of faster pensions transfers as consumer demand grows
Origo’s Options Transfers service has transferred over £100bn since it was launched in December 2008, delivering a substantially faster service and better outcomes to the end consumer.
Despite exponentially increasing volumes (with £20bn processed in the last 10 months), and over 90 brands now using the service, the average transfer time of 8 calendar days remains consistent, giving confidence to participating companies that they can continue to deliver to their customers’ expectations.
Options Transfers was developed at the request of and in collaboration with the industry to tackle chronic delays as a result of paper-based manual procedures, costing consumers transfer times of c.50 working days. Since 2008, the Options Transfers service has processed over 2m transfers within the following timescales:
• 10% of transfers are completed within 1 calendar day;
• 30% completed within 3 calendar days;
• 50% completed within 5 calendar days;
• 75% completed within 8 calendar days;
• 90% completed within 14 calendar days.
(Transfer times dependent on the nature and complexity of the assets held in the individual pension.)
Paul Pettitt, Managing Director of Origo, comments: “The recent publication of the Improving Pensions and Investment Transfers and Re-registrations consultation paper, states that automated processing and the regular publication of Management Information (MI) are key elements to enabling improved outcomes for consumers.
From our 8 years of experience in providing automated transfers and supplying full end-to-end transfer process MI, Origo is fully aware that these elements are crucial to driving ‘better behavior’ amongst industry participants.
Completing over £100bn of faster, safer transfers for consumers is a major milestone for the companies in Origo’s Options Transfers community.”
In collaboration with the large Options Transfers community and its operational and steering groups, Origo, the not-for-profit fintech company has been able to further develop and enhance the Options Transfers service. Additional functionality includes; re-registrations (AKA in-specie transfers) for a variety of product types i.e. ISAs, GIAs etc., transfers from Defined Benefit policies, as well enabling occupational Bulk Scheme transfers to further assist Pension Scheme Administrators in transferring multiple members quickly and efficiently.