The data shows the average transfer time of each member when ceding money out of their businesses in the last 12 months. It tracks the time frame between transfer request on the Origo Transfer Service to the receipt of transfer proceeds.
The members committed to publishing their data on a quarterly basis are involved in over 80% of all completed transfers on the service. They are publishing their transfer times in a significant move for the industry, intended to showcase their good work in monitoring performance and delivering improved transfer times.
It is hoped this action will both bring greater transparency to the transfer process and help drive the industry as a whole towards improving the overall transfer experience and outcomes for consumers.
Commenting on the move, Anthony Rafferty, Managing Director, Origo, 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.”
“The Origo Transfer Service was established to improve the transfer process by making it easier and more efficient for companies to work together, to communicate with each other and monitor and reduce their transfer performance through the provision of MI.”
“As the figures published today show, it is possible in the right circumstances to reduce transfer times,” Rafferty said. But he stressed “It is important to remember that not all transfers are simple or the same and can be affected by numerous influencing factors, with an inevitable impact on the time taken to transfer. These include product and investment vehicle complexity, customer protection and risk management measures, illiquid asset divestment requirements and regulatory requirements, among others.”
“This initiative from our Origo Transfer Service community will continue on a quarterly basis. It is an extremely positive and encouraging move on the part of the community and my expectation is that other ceding members will want to participate in future releases.”
Colin Campbell, Head of Customer Service (DC Workplace Pensions) at Legal & General Investment Management (LGIM) and chair of the Origo Transfer Service Steering Group (which brings representatives from user companies together to collaboratively decide on the development of the service) said, “The Steering Group believes transfers is a key area where improvements can be achieved within the industry and 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 which help to provide better outcomes for our customers.”
Clare Reilly, Head of Corporate Development at PensionBee and member of the Origo Transfer Service adds, “This is a significant and progressive move that will bring UK pension savers some long-awaited transparency to the transfer process. In publicly coming together to drive positive change in the industry, the community is proving that good consumer outcomes are at the forefront of everything they do. PensionBee is delighted to be one of the forerunners of this initiative, and we greatly look forward to welcoming more organisations as they join to publish their own transfer performance."
Origo Transfer Service Average Ceding Performance Pension Cash Transfers 1 April 2018 – 31 March 2019
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