Average pension transfer times remain 'constant' in Q1 2022

The average pension transfer time remained relatively constant in Q1 2022, according to figures from the Origo Transfer Index (OTI), which recorded an average overall transfer time of 13.5 calendar days, up from 13.4 in January 2022.

Simpler transfers, where the provider has complete control over the transfer process, also remained relatively stable at 11.4 calendar days, compared to 11.3 days in Q4 2021.

However, Origo noted that 86.9 per cent of transfers completed in the quarter were of the 'simpler' variety, resulting in a median transfer time of just 6.3 calendar days.

Whilst NFU Mutual remained the best performer in the OTI, with an overall transfer time of 5.3 calendar days, Quilter also improved its transfer times from 29.8 calendar days in January 2022 to 18.7 days in the latest data.

Alongside this, the index revealed "notable improvements" for Hargreaves Lansdown, recording an overall transfer time of 21.2 calendar days, down from 29.6 days in January 2022 and more than half the 43.3 days average time recorded in April 2021.

Indeed, Hargreaves Lansdown head of external relations, Danny Cox, noted that the firm has made "some good improvements" over the past year, explaining that it is also looking to improve transfer times further through continued investment into its "digital backbone".

"We believe that publishing our transfer data is the right thing to do and can help drive better client outcomes – we encourage all other firms to do the same," he continued.

A total of 28 providers are now included in the OTI, with Smart Pension today (25 April) confirmed as the latest provider to join the index.

Commenting on this addition, Origo CEO, Anthony Rafferty, said: “The OTI was established to bring transparency to the market. Participation is voluntary and we are extremely pleased that Smart Pension is the latest provider to see the value to the industry of contributing its data to the Index, which includes most of the leading providers in the market.

“These providers are going to be among those delivering the fastest transfer times, facilitated by the Origo Transfer Service. They are setting the benchmark for the rest of the industry to follow.”

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