Average pension transfer times slow further in Q4 2021

The average pension transfer time slowed further in Q4 2021, with both overall and simpler transfers recording an increase in the average transfer time over this period, according to figures from the Origo Transfer Index (OTI) .

The index showed that the overall average transfer time for the last quarter was 13.4 calendar days, compared to 13.2 days in the previous quarter.

Alongside this, the index revealed a “marginal” increase to 11.3 days for simpler cases, up from 10.9 days in Q3.

However, Origo noted that half of all transfers being undertaken were completed within 7 days, also pointing out that as transfer times are measured in calendar days, the average transfer has continued to be achieved within two weeks.

Furthermore, despite the overall slowing in transfer times, 13 companies in the index improved on their Q3 transfer times.

These were: Elevate, part of Standard Life; Fidelity; Forester Life; Hargreaves Lansdown; Hornbuckle, part of the Embark Group; Legal & General; LV=; MetLife; NFU Mutual; Novia; Parmenion; and Wealthtime.

NFU Mutual, however, remained the best performer, averaging 5.2 days for overall transfers and 4.7 days for simpler transfers.

Last year also saw Origo Transfer Service achieve one million transfers, which Origo CEO, Anthony Rafferty, highlighted as "a marvellous milestone" and "a reflection of the performance of the service, as well as the strength of the financial services and financial advice markets".

He continued: “Average transfer times through the service remain consistently within the two calendar week time frame. All despite the ravages of the coronavirus pandemic.

“We now have a significant number of companies openly publishing their data through the Origo Transfer Index, including most of the leading providers in the market.

“In 2021 we saw three new participants in the index, which is voluntary, which were Advance by Embark, Reassure and Vanguard. Index participants account for over 80 per cent of transfers through the Origo Transfer Service.

“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, platforms and administrators can measure their performance and where they may be able to improve the standard of service for consumers.”

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