The automated transfers moved a total of 305 members of defined contribution occupational schemes between the two parties, with a total value of over £11 million. The transfers took an average of just 5 calendar days - a significant improvement on the standard manual process which can take months to complete.
Paul Pettitt, Managing Director of Origo, said: “We are delighted that Standard Life and Scottish Widows have been the first to demonstrate and benefit from the efficiencies and cost savings that can be gained from automating bulk transfers of pension schemes using the Origo Options Transfers service. This has set the standard for the way providers, TPAs and EBCs transfer pensions.”
Origo’s Options Transfers service smooths and speeds up the bulk transfers process by removing the industry’s previous reliance on paperwork and eliminates the potential risks of keying errors.
The Options Bulk Transfers service provides for:
• Faster, member-centric service
• Transparent, trackable process
• Secure and reliable transfer and communications between transferring parties
• Consistency and integrity of data (as all transfer parties work from the same data)
• Savings for providers and administrators in terms of time and money
• Common approach across the industry
• Significantly reduced costs per transfer as well as overall costs
• Better member outcomes
Neil Hugh, Head of Customer and Workplace Proposition Strategy and Development at Standard Life, said: “Automated bulk transfer enables faster switching between ceding and receiving parties, which is transparent and secure. It helps employers to save considerable time and resource commitment, which is a real benefit to them. We’re pleased to have played a part in the industry’s first bulk automated transfers of workplace schemes and we will continue to support Origo’s industry-leading technology.”
Alison Nicolson, Scottish Widows Head of Workplace Savings Proposition, said: “Origo's Bulk Transfers service ensures the quick movement of funds between providers which helps us enhance our members’ experience when their employer makes the decision to move pension scheme provider.
“We are constantly striving to deliver better member outcomes in retirement and will continue to use technology to simplify processes and make things easier for our customers.”
Origo’s Pettitt added: “The regulator has increased its focus on the member experience, leading to manual processes coming under greater scrutiny. Users of Options Transfers will not only be seen to be responsive to government and regulatory concerns around pensions transfers, but also will be able to monitor their transfers performance accurately, improve their service to members and enhance their reputation in the industry.”
Other providers on the Options Bulk Transfers service include; ReAssure, Royal London and Zurich.
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