Simpler pension transfers took an average of 10.5 days to complete in 2024, while the volume of transfers increased, the latest Origo data has revealed.

The overall average pension transfer figure, which allows for slightly more complex transfers where providers may need to rely on third parties for additional information, was 12.3 days in 2024.

It also found that around half of all transfers were completed in just under seven working days, while for the providers opted in to share their data for the index it was 6.7 days.

This marked an improvement since January 2023, when overall transfer times were at a post-pandemic high of 14 calendar days, while simpler transfers took an average of 12 days to complete.

Origo also recorded an increase in the volume of transfers, as around 1.5 million transfers were completed in 2024, worth approximately £66.7bn, up from 1.2 million transfers worth £52.4bn in 2023.

Commenting on the findings, Origo CEO, Anthony Rafferty, said: "As the years roll by and pension transfer volumes and values consistently increase, it's great to see transfer times come down.

"On average, consumers are likely to see their pension fund appear with their chosen provider within a matter of days from starting the process.

"There used to be a fair amount of concern that ceding providers might try to hold on to funds for as long as possible, and this could impact transfer times, but our data shows that's not the case," he continued.

"The narrative of the problems in the transfer arena is largely due to a minority of outliers who still use manual processes and are not taking advantage of the digital world we live in."

However, the CEO said that most firms were doing "the right thing" for their clients and the fact that so many were prepared to publish their transfer times should help drive others forward.

"What we need to see now is for those outliers to raise their game, so all customers get a positive transfer experience," Rafferty added.

Origo's transfer index tracks the pension transfer times of almost 30 voluntary participants, accounting for around 80 per cent of all defined contribution pension transfers in the UK market.

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