Origo signs 75th brand to Options Transfers service
Origo, the eCommerce standards and services body for the financial services industry, has signed its 75th brand to the Options Transfers service.
Talbot and Muir, the independent self invested personal pension (SIPP) and small self administered scheme (SSAS) specialist, is the latest signing, with more in the pipeline* as Origo grows its operations in both the contract and the occupational pensions markets.
Launched in 2008, Origo's Options Transfers service is the industry's only complete transfers service in the market, with its unique ability to transfer pensions in cash and 'in-specie' for pension pots of all sizes.
Options serves a wide range of pension providers, platforms as well as schemes and third-party administrators (TPAs) in the market. It has handled over £70bn of transfers between pensions providers and platforms since launch, as well as facilitating re-registration of ISAs, GIAs and pensions assets, and currently processes around 50,000 transfers a month.
Claire Trott, Director at Talbot and Muir, says: "At Talbot and Muir, we are constantly assessing ways to improve the service to our clients through the use of technology. Origo has a fantastic reputation in the market for providing tangible business efficiencies. Its Options Transfers service has the ability to transfer pensions either in-specie or in cash, or a combination of both, which is invaluable for SIPP providers like ourselves."
Paul Pettitt, Managing Director of Origo, says: "The fast and efficient transfer of pensions and assets is a major issue for the pensions industry. This is where the benefits of automated processing of transfers, as delivered by the Options Transfers service, are so easily demonstrated, significantly speeding up the transfer process (from weeks to days and in some cases minutes), increasing cost-efficiencies, reducing risk and providing a far improved customer outcome.
"There is no doubt that the government's increasing focus on transfers, due in part to Pension Freedoms, is introducing new challenges for providers, administrators and trustees, and the Options Transfers service helps to relieve this pressure.
"Importantly, as a not-for-profit organisation run by members of the industry for the industry, we are able to keep the costs for Options users to a minimum. In addition, Origo conducts due diligence on all companies applying to participate in Options, which means that while regulation requires members of the Options community to conduct due diligence at an individual transfer level, they have the comfort of knowing that they are part of a 'trusted service'. That level of trust between 75 financial services brands is invaluable in the transfer market."