The average overall pension transfer time for defined contribution (DC) pensions continued to fall in the 12 months to the end of June 2024, from 12.3 days to 12 days, Origo’s Pension Transfer Index data has shown.

Indeed, over the past 18 months, from January 2023, the average overall pension transfer time was down by 14.2 per cent.

The data also showed that the average time for simpler transfers, those the provider has full control over and can be held accountable for the process, improved by 18.3 per cent over the same period, falling from 12 days in January 2023 to 9.8 days at the end of June 2024. 
 
“Our data shows that transfer times have been progressively falling over the past 18 months, which is good news for the industry and for the end consumer,” Origo CEO, Anthony Rafferty, commented.

“As we approach the first anniversary of the implementation of the consumer duty rules, it is important that all companies review their processes with a view to ensuring consumers do not suffer detriment or foreseeable harm.

“These lie as much in the speed of service to the consumer as in any other area.

“We all want consumers to receive the best service, and it’s great to see the Origo Transfer Service helping to deliver faster transfers for everyone.

“In other processing areas, such as letters of authority, where overly long delays are being experienced by advisers, we have to look at where the pain points are, and make every effort to resolve them.”

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