Defined contribution (DC) pension transfer volumes in the UK have been steadily increasing over the past year, according to the latest figures from Origo.

The data showed that DC pension transfer volumes through the Origo Transfer Service had risen by 26.6 per cent in the 12 months to the end of March 2024.

Despite the increased volumes, average transfer times were found to be coming down.

The Origo Transfer Index showed that, the during the same period, overall average DC pension transfer times fell by 10.2 per cent, decreasing from 13.7 to 12.3 calendar days.

Simpler transfers were completed even faster, down from 11.7 to 10 calendar days.

Commenting on the findings, Origo CEO, Anthony Rafferty, said that the firm’s rolling 12-month volumes showed a clear upward trend in the number of transfers occurring, as the industry had picked up the pace post-pandemic and as more companies had automated their processes.

“It is encouraging also to see that even as volumes have gone up over the past year, overall average transfer times have been decreasing,” he continued.

“We want to see average transfer times come down even further and we will work with providers to help achieve that.

“Where we see delays and slow transfers in the market, they are more often with outlier companies, typically where operations still have a large element of manual processing involved.

“As processes to request and execute a transfer become ever more efficient, it will be increasingly important for all companies to have in place the technology to handle greater volumes at speed, not just for commercial reasons but to align with the focus of the Consumer Duty rules.”

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