ViaNova Group and TEX complete 'first of its kind' live pension transfer

The ViaNova Working Group and The Investing and Saving Alliance (Tisa) Exchange (TEX) have completed a 'first of its kind' live pension transfer within the defined contribution (DC) occupational space, with WTW.

The initial request took 30 minutes, while the whole process for the ceding scheme took around six working days, which was described as a “significant saving” compared to the usual six-eight week transfer time.

The early adopters of the approach include the WTW Lifesight Master Trust and two large occupational DC schemes managed by Hargreaves Lansdown and Fidelity.

However, it is hoped that the approach will now be "readily adopted" in other areas, including defined benefit (DB) transfers.

The ViaNova initiative brings together schemes regulated by both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR), using open standard solutions with a common legal framework to streamline DC transfer processing.

TEX is responsible for the legal framework, managing and running the complete set of non-commercial contracts between parties that cover standards, service level agreements and matters of liability concerning all aspects of transfers.

The ViaNova group, meanwhile, will continue to look at ways in supporting the industry, including the use of DB transfers.

ViaNova Working Group co-chair and WTW systems development director, Andy Hussey, highlighted the completion of the first transaction as a "major milestone", emphasising the benefits of working with all parties within the industry.

"Through the use of open standards, we can ensure that pension regulated schemes and the master trusts will be supported in the future as and when transfer regulations are introduced," he continued.

"Our role in the industry is now to increase the number of adopters and build on the success of this new electronic transfer process."

Echoing this, TEX chair, David Moffat, stated: “This is a major achievement for the industry and highlights the successful collaboration between product providers and third party administrators in the UK corporate pension industry with the TEX.”

Lifesight managing director, Fiona Matthews, recommended that all regulated DC pension schemes and master trusts sign up to the initiative to allow it to become "the much needed industry standard".

"LifeSight is a strong advocate for enhancing members engagement and experience with their DC pension providers," she continued.

"Achieving faster transfer processing for those wishing to consolidate their pensions is a significant milestone, and a welcome improvement in the industry.

"We would like to see each TPR-regulated DC pension scheme and master trust to sign up and enable this valuable improvement to become the much needed industry standard.”

    Share Story:

Recent Stories

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Global sustainable credit
Laura Blows speaks to Royal London Asset Management senior fund manager, Rachid Semaoune, about global sustainable credit
Global equities and transition investing
Pensions Age editor, Laura Blows speaks to Royal London Asset Management equity investment director, Jonathan Price, about transitioning to sustainable investments within global equities

Advertisement Advertisement Advertisement