The increase was mainly put down to a rise of transfer volumes across the community as well as new companies, such as NEST, signing up to the Transfer Service and benefiting from the automation and immediate efficiencies it provides.
The second publication of the Origo Transfer Index, which tracks the transfer performance of some of the leading providers in the pensions and investment markets, showed a marginal improvement in average transfer times between yearly figures recorded at the end of April 2019 and the end of June 2019 – from an overall average ceding performance of 9.3 to 9.2 calendar days, via the Origo Transfer Service.
This quarter the wrap platform Novia has joined the list of providers voluntarily publishing their ceding data in a drive to improve the industry’s transfer times.
There are now 28 firms committed to publishing their data on a quarterly basis via the Origo Transfer Index, and of the more than 100 brands on the service, these 28 firms make up 80% of the transfer volumes.
Ben Collings, head of technical at Novia, said: “We are pleased to be joining other leading companies in publishing our transfer times through the Origo Transfer Index.
“This index will provide increased transparency for the industry and ultimately help to deliver a better service and improved outcomes for investors.”
Anthony Rafferty, managing director, Origo, said: “We are delighted that Novia has joined the Origo Transfer Index.
“Government and the regulator have made it clear that they have their eyes on transfer performances and consumers deserve better.
“It is important that the industry responds to this and so the regular publication of performance data is a demonstration of the commitment to strive for, and maintain, faster transfer times.
“The Origo Transfer Index is a means to bring transparency to the transfer process, publishing the times taken to transfer out of a pension, which on average is typically one of the slowest processes for consumers.
“Origo is committed to driving efficiencies and best practice in the industry, both through our work as a fintech and through our long history of collaboration with the industry to get things done.
“We will continue publishing data of participating platforms, providers and administrators, and will encourage others to also become part of the index, thereby helping to improve outcomes for individuals.”
NEST joined the Origo Transfer Service at the end of 2018 and is a participating member of the Origo Transfer Index.
Mark Rowlands, NEST’s director of customer engagement, said: “It’s important our members have the ability to move their savings around quickly and easily.
“As this report shows NEST’s average transfer time has fallen to less than a fortnight, which is a great achievement in the nine months since we joined.
“While we’ll continue to offer quick transfers we also want savers to have clear information about how much each scheme charges.
“This will allow people to build up the retirement pot they want while knowing how much it’ll cost them, helping them to make informed decisions.
“At NEST we’re committed to transparency and improving our service for our eight million members.
“It’s great to see so many schemes willing to share this key information and we encourage more to follow suit.”