Pension transfer times revealed: the slowest & quickest providers

This morning transfer agency firm Origo published the 12-month transfer times from 27 pension providers who agreed to share their data for the first time

This morning transfer agency firm Origo published the 12-month transfer times from 27 pension providers who agreed to share their data for the first time.

The data covers the average pension transfer times from 1 April 2018 to 31 March 2019, via the Origo transfer service. The providers on the list agreed to publish the data on how long it takes to move away from them. It covers 80% of all completed transfers in the last year.

What it does not cover are transfers from providers who have not agreed to share their data and transfers which are not done through Origo and are for example paper-based.

The data, which will now be published quarterly, is made up of simple transfers – where the ceding provider is not relying on external parties – and an overall average which will include some more complicated transfers where the ceding provider has to wait for documents from trustees or IFAs.

Slow pension transfer times and barriers to switching has been a focus from the Financial Conduct Authority (FCA) of late. The regulator warned providers in the platform market study it may force providers to publish their transfer times if the industry does not take action.

This new transparency from Origo and providers is likely to please the FCA. Take a look at who are the slowest and quickest providers for transfers.

This morning transfer agency firm Origo published the 12-month transfer times from 27 pension providers who agreed to share their data for the first time.

The data covers the average pension transfer times from 1 April 2018 to 31 March 2019, via the Origo transfer service. The providers on the list agreed to publish the data on how long it takes to move away from them. It covers 80% of all completed transfers in the last year.

What it does not cover are transfers from providers who have not agreed to share their data and transfers which are not done through Origo and are for example paper-based.

The data, which will now be published quarterly, is made up of simple transfers – where the ceding provider is not relying on external parties – and an overall average which will include some more complicated transfers where the ceding provider has to wait for documents from trustees or IFAs.

Slow pension transfer times and barriers to switching has been a focus from the Financial Conduct Authority (FCA) of late. The regulator warned providers in the platform market study it may force providers to publish their transfer times if the industry does not take action.

This new transparency from Origo and providers is likely to please the FCA. Take a look at who are the slowest and quickest providers for transfers.

1

Canada Life

Average transfer in calendar days: 5

2

NFU Mutual

Average transfer in calendar days: 5

3

MetLife

Average transfer in calendar days: 5.8

4

Aviva

Average transfer in calendar days: 6.2

5

ReAssure

Average transfer in calendar days: 7.1

6

Zurich Group

Average transfer in calendar days: 7.4

7

Fidelity

Average transfer in calendar days: 8.3

8

Old Mutual Wealth platform (part of Quilter)

Average transfer in calendar days: 8.3

Pictured: Quilter chief executive Paul Feeney

9

Wealthtime

Average transfer in calendar days: 8.5

10

Forester Life

Average transfer in calendar days: 8.8

11

Prudential

Average transfer in calendar days: 8.9

12

B&CE Financial Services Ltd

Average transfer in calendar days: 9.2

13

Phoenix Group

Average transfer in calendar days: 9.2

Pictured: Phoenix Life chief executive Andy Moss

14

Aegon

Average transfer in calendar days: 9.4

15

Legal & General

Average transfer in calendar days: 10.1

16

Elevate, Part of Standard Life

Average transfer in calendar days: 10.8

17

Zurich Corporate Savings

Average transfer in calendar days: 10.8

18

PensionBee

Average transfer in calendar days: 11.2

Pictured: PensionBee chief executive Romina Savova

19

Royal London

Average transfer in calendar days: 11.4

Pictured: Royal London chief executive Phil Loney

20

Parmenion Capital Partners

Average transfer in calendar days: 11.5

Pictured: Parmenion chief executive Martin Jennings

21

Standard Life

Average transfer in calendar days: 12.5

22

National Employment Savings Trust

Average transfer in calendar days: 12.6

23

Hornbuckle (Embark Group)

Average transfer in calendar days: 13.4

Pictured: Embark chief executive Phil Smith

24

LV=

Average transfer in calendar days: 14.5

25

Yorsipp Limited

Average transfer in calendar days: 18.2

26

Liberty SIPP

Average transfer in calendar days: 21.9

Pictured: Liberty Sipp director John Fox

27

Hargreaves Lansdown

Average transfer in calendar days: 29.0

A spokesman for Hargreaves said: ‘We are disappointed with these results and have been working hard over the last 12 months to improve performance and transfer times.’

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