Origo Transfer Service breaks through £200bn barrier
Origo Transfer Service breaks through £200bn barrier and average pension transfer time down year-on-year.
The Origo Transfer Service has broken through a significant barrier having transferred over £200 billion since launch of the service in 2008.
The end of year figures published by the industry’s fintech show that in 2019 volumes of transfers were at a record level, up 25% on the previous year, with the total amount transferred at over £36 billion, another record amount for the service.
In addition, the end-of-year data for the total Origo Transfer community shows a reduction in transfer times by 3.9% compared to 2018, down to 9.6 days.
Latest Origo Transfer Index (OTI) data
The Origo Transfer Index (OTI)* measures the average time taken to cede pensions for a group of providers publishing their performance data on a quarterly basis.
In 2019, the overall average transfer time for OTI participants was 8.7 days for all ceding transfers and 7.9 days for simpler transfers – i.e. the transfers where the ceding provider has complete control over, and can reasonably be held fully accountable for, the entire ceding process.
Anthony Rafferty, Managing Director, Origo, says: “These are good news figures for the industry, reflecting its willingness to embrace technology to create greater efficiencies and improve its performance, and importantly, its continuing success in improving customer outcomes.
“The transfer of £206 billion through the Origo Transfer Service since launch in 2008 is a significant milestone for Origo and the industry. Over 120 brands use and trust the service including big-name life assurers as well as a significant proportion of the platform and SIPP market who are all benefiting from the automation of transfers.
“The volume of cases completed through the Origo Transfer Service has been growing year on year as an increasing number of transfers take place within the industry and more providers join the service.”
“Members of our community who account for the majority of transfers through the service publish their transfer performance through the Origo Transfer Index (OTI) every quarter. The OTI reflects the industry’s focus on constantly improving its performance and the outcomes for individuals who want their money moved from one place to another as quickly, smoothly and as safely possible – and as the latest OTI figures show, overall performance is continuing to improve.”
* The Origo Transfer Index (OTI) was launched in April 2019.
Please note, Origo is unable to discuss the detailed performance or decisions of individual companies. Any questions should be directed to individual companies.
To download the report, go to www.origo.com/oti >
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