Hargreaves Lansdown and Liberty SIPP have again been named as the slowest two providers to move pensions through Origo’s Transfer Service.
Data from Origo’s Transfer Index suggested that, between 1 July 2018 and 30 June 2019, Hargreaves Lansdown took an average of 30.5 calendar days to transfer a pension. Liberty SIPP, meanwhile, was the second slowest provider, taking on average 23.2 days to complete a transfer.
The news has come soon after Hargreaves Landsown head of policy Tom McPhail, who heads up STAR – a non-for-profit venture that aims to improve pension and platform switching processes – called upon CEOs to sign up to the service.
https://t.co/xmGlB7Et4D Origo has published its latest transfer data from selected firms. Important we get transparency for all businesses across all transfers by using the @STAR_Transfers framework https://t.co/i7pE8em0cs
— Tom McPhail (@PensionsMonkey) July 18, 2019
Yorsipp was the only other provider to take more than 20 calendar days per transfer, according to Origo, taking 20.7 days to move a pension.
In contrast, NFU Mutual was the quickest provider, taking just 4.8 days on average, while Canada Life was the second quickest at 5.1 days per transfer.
The latest publication of the Origo Transfer Index, which tracks the transfer performance of some providers in the pensions and investment markets, showed a marginal improvement in average transfer times between the yearly figures recorded at the end of April 2019 – from an overall average performance of 9.3 to 9.2 calendar days.
Since the April publication, Novia has joined the list of providers voluntarily publishing their data. There are now 28 firms committed to publishing their data on a quarterly basis via the Origo Transfer Index. Of the more than 100 brands using the service, the 28 firms practising this transparency make up 80% of the transfer volumes.
Bring transparency to the process
Origo managing director Anthony Rafferty said: “The government and the regulator have made it clear that they have their eyes on transfer performances and consumers deserve better.
“It is important that the industry responds to this and so the regular publication of the performances data is a demonstration of the commitment to strive for, and maintain, faster transfer times.”
Rafferty said the Index is a means of bringing transparency to the transfers, which is typically one of the slowest processes for consumers.