Pensions - Articles - Pension transfers can be completed for £1 or less


 Altus has challenged the claim that pension transfers are ‘too hard and too expensive’ by stating that transfers for ISAs and funds are currently being completed in less than six days for just £1 and often, even less.

 The ongoing debate circulating around the ‘pot follows member’ initiative has highlighted that the biggest objection to the scheme from those favouring aggregation or ‘scheme follows member’ models, which is that transfers are too costly.
 However, experts at Altus have claimed that the progress of the TISA Exchange (TeX) re-registration project proves that implementation of open standards in the transfer market combined with interoperability between providers will be able to drive competition and ultimately, reduce costs.

 Commenting on how pension transfers can be executed in a cost effective manner, Altus’ Head of Products, Ben Cocks says:

 ‘The significant increase in volume of automated transfers and re-registrations as well as the number of live participants and live vendors operating has meant that competition is in full swing and consequently transfers can now be completed for just a pound. In some cases, where larger providers are processing big volumes of electronic transfers, the costs are well below a pound per transfer’
  

Back to Index


Similar News to this Story

TPR extends its oversight to professional trustee firms
A framework for oversight of professional trustees (PTs) will be introduced by The Pensions Regulator (TPR) to protect savers. The PT market has exper
Facilitating DC pension fund investment into private capital
Leaders from the pensions and private capital industries have issued new recommendations on how to facilitate UK DC pensions to invest in private capi
Government plan to allow extraction of cash from pensions
Members of defined benefit (DB) pension schemes fear that Government plans to allow employers to “extract” cash from their schemes put their retiremen

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.