The average overall transfer time for providers ceding a pension in 2022 increased by 0.6 days to 14 days in 2022, alongside an increase in the number of overall transfers, the Origo Transfer Index (OTI) has revealed.

It was revealed that, over 2022, the average overall transfer time for providers ceding a pension was 14 days, an increase of 0.6 days on the 13.4 days that was recorded in Q4 2021.

The OTI also revealed an increase in transfer time for simpler transfers, rising from 11.3 days in 2021 to 12 days in the most recent update, although Origo clarified that half of all transfers were carried out in seven days or less.

The index also showed that the overall number of pension transfers completed by the transfer service increased by over a third (34 per cent) over the past two years.

In addition to this, 2022 was the second year in a row in which the transfer service completed over a million pension transfers.

This performance was praised by Origo CEO, Anthony Rafferty, who said that, whilst reports from other areas of the market stated transfers were down, this was not reflected in the Origo Transfer Service.

Rafferty continued: “The Origo Transfer Service has had another very successful year, passing a million transfers once again, and seeing a 34 per cent rise in volumes over the past two years.

“Origo is focussed on ensuring consumers get a good outcome when transferring their pension, ISA and GIA assets by providing an automated, secure transfer service, so when providers are ready to cede assets, it can be done so quickly and efficiently.

“This year, alongside the focus of the Financial Conduct Authority (FCA) on consumer outcomes through the imminent consumer duty rules, we start to move into a new landscape where consumers will be able to access their pension data via pensions dashboards.

“There is the potential for around 15 million people a year to want to access their pension data and it is very possible transfer and pension consolidation activity will increase as a result. The automation of pension transfers at scale through a trusted provider will be essential.”

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