The average overall pension transfer time fell from 13.6 calendar days in June to 12.9 calendar days in September, the Origo Transfer Index (OTI) has revealed.

Simpler transfer times, where the ceding provider has complete control over, also improved, as the average time for the period was 10.6 calendar days, down from 11.5 calendar days in June.

The latest OTI data covered around 92 per cent of transfers, after the addition of Scottish Widows and Clerical Medical, bringing the total number of providers in the index to 30.

Commenting on the findings, Origo CEO, Anthony Rafferty, stated: “It is highly encouraging to see average pension transfer times across the 92 per cent of transfers covered by the Origo Transfer Index, have markedly improved over the quarter.

"It is important for consumer outcomes that as an industry we continue to reduce transfer times whilst keeping security front of mind.

“It is also important to point out that the 30 providers now participating in the Origo Transfer Index, publish their data voluntarily, and are doing so to create greater transparency on pensions transfers and to help improve performance across the industry overall.

"Data is published no matter what their performance and every provider should be commended for their involvement.”

However, Rafferty argued that despite the improvements already seen through digital processes, some market outliers risk bringing transfer times down across the board.

"Our data shows that within the pensions market, Origo’s digital processing is enabling simple pensions transfers to consistently complete in around 10 days," he stated.

"The pensions industry must now look to its outliers, who typically use slow, paper-based processes, with a view to bringing down pensions transfers times across the board.”

Indeed, Origo previously hit back at concerns that savers are being left to wait "far too long" for pension transfers, instead arguing that long waits for pension transfers are not indicative of the overall market.

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