Origo’s Options Transfers community leads transfer time reductions
The Origo Options Transfers community is taking action to help further reduce transfer times for consumers.
The 60+ organisations that form the Options Transfers community are now working with new and more detailed performance measures to better deliver reduced transfer times while continuing to ensure safer transfers.
The average transfer time through the Options Transfers service is 12 calendar days (including 3.5 days that it takes for monies to be processed through banking systems), with 85% of all transfers completing within this timescale.
Historical Management Information (MI) packs, supplied by Origo to the Options Transfers community, provided transfer time performance across the service. This end-to-end reporting of transfer times is imperative as it is consumer-centric and has helped reduce overall transfer times. Each organisation’s performance can vary from minutes to weeks - and this is largely dependent on the type of pension being transferred. For example, a SIPP invested in an illiquid asset such as commercial property, can take longer to complete.
The new measurements, including monthly reports detailing each organisation’s performance in the key steps for ceding and receiving transfers, will help member firms to assess their own operational performance, both in isolation and in relation to their peers. The improved reporting will also inform decisions as to where best resources can be prioritised – for example, to ceding or receiving tasks – with the aim of reducing transfer times and improving customer outcomes.
As well as the improvements to performance reporting, the Origo Options Transfers community is considering how to successfully brief industry stakeholders with simple and easy to understand information packs.
Paul Pettitt, Managing Director of Origo, explains: “Origo is dedicated to supporting the Options Transfers community and helping deliver improved customer outcomes. Origo can draw on close to a decade of experience of operating the Options Transfers service during which time we have helped to significantly reduce transfer times. We believe these proposals to make even more detailed MI available to the community will help to further drive down transfer times and further improve the customer experience.
“The revisions to the Options Transfers MI will also bring a greater convergence of approach with the good work that the TRIG (Transfers and Re-registration Industry Group) has completed thus far, which will of course bring benefit to the consumer. We look forward to the next output from TRIG and working with them in due course.”
Ross Dunlop, Head of Platform Proposition at Standard Life, says; “These changes to Options Transfers MI will enable member firms of the community to be in a stronger position to help push the bar on transfer performance. There are a large number of member firms that make up the Options Transfers community. Most of these firms deserve recognition for their commitment to improving transfer times and as such, should have no issue in having their performance reported in more detail.
With pension freedoms increasing demand for transfers and the spotlight on transfer performance becoming ever brighter from the FCA, the industry needs to continuously look at ways of ensuring that we are delivering for consumers. These improvements to MI should help influence all member organisations of Options community to improve their performance, whilst providing a clearer picture of where significant improvement is required.”