The number of defined contribution (DC) pension transfers completed through the Origo Transfer Service increased by 22 per cent in 2023, rising from just over 1 million to more than 1.2 million.

Origo’s Transfer Service handles around 95 per cent of the sector’s DC pension transfers, with more than 150 organisations using the service.

This is the third year that the service has seen DC transfer volumes of more than 1 million.

In 2023, the Origo Transfer Service transferred almost £53bn for pension holders, an increase of 24 per cent compared to 2022.

Despite the increased volume of transfers, half of transfers were completed in seven days or fewer, while the average overall transfer time in 2023 was 13.6 calendar days, down from 14 calendar days the previous year.

The latest quarterly data from the Origo Transfer Index, which records the transfer data from 30 providers, showed an average transfer time from October to December of 12.5 calendar days, with simpler transfers taking 10.1 calendar days.

Commenting on the update, Origo CEO, Anthony Rafferty, said: “2023 was another successful year for the Origo Transfer Service, which provides an automated, secure transfer service used by the vast majority of the industry.

“Alongside the increased volumes handled through the service, transfers times have continued their downward trend through the year, from an average of 14 calendar days in January 2023 to 12.6 calendar days in December. Times for simpler transfers have also decreased from 12 to 10.1 calendar days over the year.

“The Origo Transfer Index provides the pension ceding data of 30 providers who have agreed to publish their data on a quarterly basis, representing 92 per cent of all transfers completed through the service. The most recent joiners to the Index were Scottish Widows and Clerical Medical in October 2023."

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