Options Transfers: Get the facts

Facts and Statistics

We owe it to our community and the wider industry to be responsible, supportive and straight-forward. Below, you’ll find a quick-fire list of facts about our Options Transfers service. Hopefully, they’ll help you understand a little more about Options  and if you’re left wanting more you can speak to Richard or Stewart.

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Background

  • Established and launched in 2008 – making it the longest running transfers service.
  • The only complete transfers service offering organisations the ability to conduct:
    • Pension cash transfers.
    • Re-registration of ISAs, GIAs and more.
    • In-specie transfers for pensions such as SIPP re-registrations.
    • Pension to annuity transfers.
    • Drawdown to drawdown transfers.
    • Occupational scheme transfers, also known as Bulk Transfers.
    • Defined Benefit to Defined Contribution.

Usage

  • 119 brands using the service, of which 54 are SIPP brands.
  • Platforms, SIPP providers, SSAS providers, scheme administrators and providers choose to use the Options Transfers service.
  • It conducts around 47,000 transfers safely and securely every month.
  • It has transferred over £150 billion since launch.
  • Only suitable for financial organisations not advisers or individuals.

Transfer speed

  • Fastest transfer ever conducted – 2 minutes.
  • Long-standing average transfer time for pension transfer 8 calendar days.

Collaboration

  • One of two systems to complete the first ever electronic re-registration for an ISA.
  • An active and participating member of the TISA TeX initiative.
  • Fully interoperable – supporting the latest agreed market practice.

Functionality and support

  • Capable of back office integration.
  • No location or user limits, nor additional fees.
  • Management Information is available at your fingers 24x7, plus regular feedback to the community on service performance via steering and operational meeting groups.
  • Enhanced case tracking functionality.
  • Dedicated helpdesk to support you and your transfers.


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