Origo publishes provider pension-transfer time data

Sophie King reports...

Origo has published the pension-transfer times of the members of its Transfer Service, highlighting the providers that are best and worst at enabling clients to move money away from their businesses.

The data, which covered 1 April 2018 to 31 March 2019, showed the average transfer time of each member when ceding money out of their businesses in the last 12 months. It also tracked the time between transfer request on the Origo transfer service to the receipt of transfer proceeds.

Canada Life and NFU Mutual were the two quickest companies to complete transfers, spending an average of five days on the process overall, with MetLife close behind with an average of 5.8 days.

Hargreaves Lansdown (HL) took the longest out of the firms that had their data published, taking almost a month (29 days) to complete transfers on average, according to Origo’s data, with Liberty SIPP second slowest at an average of 21.9 days.

The complete table of providers willingly offering up their data is shown below.

Source: Origo

Origo said it hoped the action would both bring greater transparency to the transfer process and help drive the industry towards improving the overall transfer experience and outcomes for consumers.

Origo managing director Anthony Rafferty said: “The Origo Transfer Service community has always been progressive in its determination to improve the efficiencies of the industry and the experience and outcomes for consumers.

“As the figures published today show, it is possible in the right circumstances to reduce transfer times. It is important to remember not all transfers are simple or the same and that they can be influenced by numerous factors, with an inevitable impact on the time taken to transfer.”

‘Drive improvements’

Legal & General Investment Management head of customer service and Origo Transfer Service steering group chair Colin Campbell added: “The steering group believes transfers is a key area where improvements can be achieved within the industry.

“By collectively publishing our data, we hope this transparency will help drive improvements in performance, which will ultimately benefit our customers. The group is positive and collaborative and will continue to focus on developments that help to provide better outcomes for our customers.”