Transfer times improved over past year – latest Origo Transfer Index data
The Origo Transfer Index (OTI) marks its one year anniversary with publication of data for the 12 months to April 2020, showing that overall average transfer times have improved over the year from point of request to transaction, taking on average 8.8 days to complete, and for simpler transfers, 7 days.
The OTI measures the average time taken to cede a pension from one provider to another.
The data is published on a quarterly basis by a group of providers using the Origo Transfer Service.
During the period, the Origo Transfer Service transferred £37.2 billion, with an average transfer value of £47,609.
Latest Origo Transfer Index (OTI) data
Anthony Rafferty, Managing Director, Origo, says: “The Origo Transfer Index was established as a means for members of the Origo Transfer Service community to publish their 12-month average ceding transfer times on a quarterly basis. The aim is to help drive up transparency in the industry as well as demonstrating that the long timeframes being headlined – over 50 days in some cases – were far from indicative of the industry’s performance.
“The FCA has transfer times firmly in its spotlight as does Minister for Pensions and Financial Inclusion, Guy Opperman, who has urged providers to be transparent with their transfer times and to work to lower them to provide a better service for consumers.
“As the latest figures show, the average time for transfers through the Origo Transfer Service for the period 1 April 2019 to 31 March 2020 is 8.8 calendar days, down from 9.3 days 12 months ago. Less complex transfers are even faster, 7 days down from 7.9 days.
“It should be stressed that the Origo Transfer Service operates on calendar days rather than working days. Also to be noted is that the participants in the Origo Transfer Index account for around 80% of the transfers made through the Origo Transfer Service. The Service automates the process for providers and has had a fundamental effect on reducing transfer times over the past 12 years.”
“The average transfer times being achieved by participants in the Origo Transfer Index overall is to be commended and is good news for individuals wishing to safely and quickly transfer their assets.”
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 >
Learn more about the Origo Transfer Service >