New Origo partnership to enhance NEST’s transfer process
NEST has announced it will start using the Origo Options Transfers platform to help individual savers transfer in and out of the NEST pension scheme, in a move which will allow people to take more control of their savings.
The new system will help speed up the transfer process, enhancing NEST’s existing service and making it more automated. NEST will now be better able to exchange transfer information with other providers on behalf of members.
The service will be available to NEST’s seven million members before the end of the year.
Mark Rowlands, NEST’s director of customer engagement, said:
“Today is a great step forward for NEST. Now that staging is complete and with minimum contributions rising, it’s the right time to enhance our transfer process for our seven million members.
“Managing multiple pots can be complex and cost our members time and money. Having a quicker way to consolidate their funds is exactly what our members tell us they want.
“We’re excited to be working with Origo – they have an excellent track record, are a not-for-profit like ourselves, and we know theirs is the right service to meet the specific demands of our membership.”
Anthony Rafferty, Managing Director at Origo, said:
“We are absolutely delighted that NEST has joined Options Transfers. The service was developed specifically to improve the safety and speed of the pension transfer process. It delivers security and cost efficiencies for the industry whilst enabling the provision of better outcomes for consumers. NEST now joins our growing band of occupational pension providers benefiting from the automation of their pension transfers.
“Since its launch 10 years ago, the service has successfully transferred over £150bn of pensions and ISAs, taking the previous manual average time for a pension transfer, for example, from 50 working days right down to an average of 11 calendar days.
“Given the importance of auto enrolment to the nation’s workers, we see this as a unique opportunity to help NEST achieve its goal of helping millions more enjoy a better retirement.”