Blog

Justine Pattullo
30/04/2019

Transfer Service

Publishing individual pension transfer time performance stats will increase transparency and help improve industry transfer times

This is a big thing for our industry. On the face of it, it might look like this is well overdue. But believe me, in such a competitive environment, with such complicated products and processes; the list of organisations that have taken the giant step to publish their transfer times is big news. And it’s a mega step forward to making sure that our customers / members / consumers / individuals do benefit from improved financial outcomes because of this initiative.

For the first time, 27 companies are taking the monumental step by publishing their ceding transfer times for all to see.

The first set of data, covering the 12 month period to 31 March 2019 can be downloaded from here: www.origo.com/transfer-data

Newsimage_fintech1

So why focus on ceding transfer times?
Some might argue that platforms and pension providers will allocate more resources / emphasis to receiving transfers in and as such, will strive to ensure that that process is as slick and as fast as possible. After all, it’s new money in.

Ceding or losing business, however, might not get the same treatment. Herein lies the transfer truth.

And speaking of the truth – exactly what is being measured?
Not all transfers are equal. Some transfers are simple, and some can be affected by numerous influencing factors with an inevitable impact on the time taken to transfer. Such factors include product and investment vehicle complexity, customer protection and risk management measures, illiquid asset divestment and regulatory requirements, among others. So, to play fair, the report lists two performance times for each organisation (1) overall and (2) simpler transfers.

Why only 27 companies?
Well, it’s 27 just now – and our calculations say that these guys are responsible for 80% of the transfers going through our Transfer Service.

But the more we can recognise, as oppose to chastise, these forerunners the greater the chance more organisations will step forward and toe the line.

This new initiative from our Transfer Service community will bring greater transparency to the transfer process and will help drive the industry as a whole towards improving the overall transfer experience and outcomes for individuals.

The progressive Origo Transfer Service community works hard and collaboratively to find ways to further reduce transfer times including sharing best practice and now reporting their individual performance to all. There is no other transfer service in the industry that is led by such a strong community that takes the brave step to publish not just aggregate data – but the performance of individual organisations too. That takes guts.

The first set of data, covering the 12 month period to 31 March 2019 can be downloaded from here: www.origo.com/transfer-data

-------------

Please note, Origo is unable to discuss the detailed performance or decisions of individual companies. Any questions should be directed to individual companies.

Learn more about the Origo Transfer Service >



Let's get started
If you would like more information,
please contact us.
Sign up to our newsletter
Enter your email address to stay up-to-date
with the latest news from Origo

Thanks For Subscribing