Pensions - Articles - Aviva introduce automated bulk transfers

 Colin Williams, MD Workplace Benefits at Aviva, said: “By providing an automated service for bulk transfers, we are helping members and employers benefit from an efficient and timely transfer process for what can be a complex, and labour- intensive exercise that can involve moving hundreds, if not thousands of members.

 “Changes such as updates to contributions can happen whilst a bulk transfer is in-flight, so Origo’s Options Bulk Transfers service enables the process to be fully transparent to both ceding and receiving parties, ensuring one true set of data from which both parties can process.

 “As well as auditing and record keeping, we are well aware of the benefits that the Options Transfers service provides in terms of speed of transfers and secure communications between administrators.

 “By having the ability to transfer schemes with hundreds of members in just a matter of days, the Options Bulk Transfers service will be of great benefit to all parties involved, especially for the member.”

 Anthony Rafferty Managing Director of Origo, said: “New regulation and adequacy requirements coming into effect this year for Master Trusts and auto enrolment anniversaries could drive more transfer activity in the occupational sector. 

 “Bulk transfers and the efficacy of that process may well come under increasing pressure and we, the industry, have a responsibility to ensure delivery of a service that provides positive outcomes for members.

 “Welcoming another large provider like Aviva to our Options Bulk Transfers service demonstrates their belief in making sure that the member experience and their outcome is positive. We look forward to welcoming more providers, as well as third-party administrators to the service as it grows.”