Why has the Origo Transfer Service community decided to publish their statistics more widely?
The Origo Transfer Service community is keen to showcase their good work in monitoring their performance and delivering improved transfer times. As our MD, Anthony Rafferty recently stated: “Origo has been operating the industry’s service for pensions and ISA transfers for over 10 years and, along with its Transfer Service community, is dedicated to improving transfer times for the benefit of consumers and the industry.”
Download the performance statistics
Read the Ceding Performance 1 April 2018 to 31 March 2019 report. This covers the period from 1 April 2018 to 31 March 2019.
High-level January statistics for entire Origo Transfer Service community
- Average ceding performance is 9.8 calendar days
- Median ceding performance is 5.8 calendar days. This means that half of all transfers are processed by ceding organisations in less than 5.8 calendar days.
This compares to pre-Origo transfer times in excess of 70 calendar days.
How have these performance times been calculated?
The average performance times are provided in calendar days based on measuring the time from when funds are requested on the Origo Transfer Service through to the time funds are actually sent, for transfers successfully completed over the 12-month period covered in this report.
From the download report, you will see on page 2, a diagram which provides an overview of the process. The step measured is represented by the curved arrow.
Please also note that the data refers only to transfers conducted via the Origo Transfer Service – any transfers which remain out of scope, e.g. via paper-based processes, can only be reported on by the individual providers involved.
There are over 100 brands that make up the Origo Transfer Service community, why have only some financial organisations posted their transfer times?
The decision as to whether or not to publish rests with each individual organisation as influenced by their unique policy, practice and decision-making process. However, it should be noted that the providers listed account for over 80% of all completed transfers in the last year.
What are “Simpler” transfers?
For the purposes of this report, "simpler" transfers are those where the ceding provider has complete control over and can reasonably be held fully accountable for the entire ceding process. They are not necessarily simple in nature, but they are not complicated by external factors.
By way of contrast, with some transfers the provider must wait for third parties (e.g. waiting for approval from trustees, or waiting for investment managers to disinvest funds) before they can complete the transfer. Alternatively, steps may need to be undertaken to protect consumer interest, such as protection of safeguarded benefits. There may also be regulatory requirements, such as:
- the provision of Risk Warnings; or
- where Financial Advisers have to complete an Advice Certificate; or
- where awaiting documentation from Trustees for Occupational schemes.
The “Overall” statistics include performance on ALL completed transfers whether fully under the control of the ceding provider or not.
The table in the report shows the average overall performance time for each ceding provider, then the average performance time for the “simpler” transfers which are completely under their control. It also shows what percentage of the overall the latter makes up, and this will vary depending on the product mix of that provider. For example, a specialist SIPP provider would likely have more transfers affected by divestment delays, and would therefore likely have less “simpler” transfers.
Why is there such a variation in transfer times between companies?
Each provider is unique in terms of their processes, resources and product mix. For example, a specialist SIPP provider can be expected to face disinvestment delays proportionately more than a provider with a range of less complex products, and this is reflected in their performance by demonstrating significantly lower percentages of “simpler” transfers.
How do these figures relate to TRIG/STAR measures?
TRIG/STAR measures are yet to be fully developed and agreed. In the meantime, the Origo Transfer Service community is focused on ceding performance to evidence that ceding providers are demonstrably transferring out as quickly as they reasonably can.
How can I find out more about the ceding performance times?
For questions about the performance of any one organisation or their absence from the published statistics, please contact them directly through your normal channels. Unfortunately, Origo is not in a position to discuss the detailed performance or decisions of individual customers.
You can find out more about the Origo Transfer Service here >