Single-day pension transfers rise but average completion time dips

Average transfer takes 11.9 days

Jenna Brown
clock • 1 min read
Anthony Rafferty: "With the end of the pandemic, we should see technology and automation of processes in particular, play a far more integral role in many more operations."
Image:

Anthony Rafferty: "With the end of the pandemic, we should see technology and automation of processes in particular, play a far more integral role in many more operations."

More than £2bn in pension transfers was completed within a single day last year but the average length of time to complete a retirement fund shift marginally increased to 11.9 days, data from Origo shows.

Annual pension transfer data from the fintech firm also showed 64% of defined contribution (DC) transfers were ceded in under 8 days, and more than 52,000 (7%) were carried out within the same day,...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Industry

Ball: "Everybody’s understanding is that we are not going to see massive changes to the code that the regulator published in draft."

A trustee checklist for...the single code of practice

Trustees have a lot to consider ahead of implementation, Martin Richmond writes

Martin Richmond
clock 09 August 2022 • 8 min read
SME employees 'falling through accumulation gap'

SME employees 'falling through accumulation gap'

Analysis of DWP data found 1.2 million eligible employees miss out on pension savings

Holly Roach
clock 09 August 2022 • 2 min read
Buzz: Are you wary of processing pension transfers?

Buzz: Are you wary of processing pension transfers?

This week's poll looks at DB transfers and tendering for fiduciary managers

Professional Pensions
clock 08 August 2022 • 1 min read
Trustpilot