Average pension transfer times continue to slow

The average pension transfer time has continued to slow in Q3 2021, with both overall and simple transfers recording an increase in the average transfer time over this period, according to figures from the Origo Transfer Index (OTI).

The index revealed that the average transfer time for the past quarter was 10.9 calendar days for simpler transfers, compared to 10.2 days in the previous quarter (Q2 2021).

The average time taken for overall transfers, meanwhile, increased by almost a day, taking an average of 13.2 days in Q3, compared to 12.5 days in Q2 2021.

Despite a slowing in the market average, the index showed that seven providers were able to improve on their previous yearly average performance: Fidelity, Forester Life, Hargreaves Lansdown, Legal and General, LV=, NFU Mutual and Parmenion.

In addition to this, NFU Mutual was highlighted as "consistently the best performer" over the past year, averaging 6.1 days for overall transfers and 4.6 days for simpler transfers.

The index has also welcomed a new participant this quarter, with the addition of Vanguard bringing the total number of providers publishing via the OTI to 28, which collectively accounts for 80 per cent of all completed transfers through the Origo Transfer Service.

Commenting on the latest update, Origo CEO, Anthony Rafferty, said: “We are delighted that Vanguard has joined the Origo Transfer Index. We now have a significant number of platforms and providers openly publishing their data through the Index, including most of the leading providers in the market.

“The more participants that engage with the index the better it is for the industry and for customers, as it provides an overall industry benchmark against which providers and platforms can measure their performance and where they may be able to improve the standard of service for consumers.”

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