Single-day pension transfers rise but average completion time dips - Origo

Average transfer takes 11.9 days

Jenna Brown
clock • 1 min read

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, up from 5.2% in 2019. Origo's Transfer Service moved £33bn for 133 different financial services brands in 2020. The Origo Transfer Index - which details transfer times of 26 pensions and administration companies - showed overall average pension times increased marginally during the final quarter of 2020. The average ceding time was 10.7 working days in Q4 compared to 10 days in Q3. For simp...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

IHT on pensions to cause 'operational complexity and risk' for providers

IHT on pensions to cause 'operational complexity and risk' for providers

Expected to lead to delays in payments to beneficiaries

Isabel Baxter
clock 31 January 2025 • 3 min read
DB transfer advice slows since FCA's 2020 crackdown

DB transfer advice slows since FCA's 2020 crackdown

Many firms have stopped offering DB advice, regulator finds

Isabel Baxter
clock 30 January 2025 • 2 min read
SSAS and divorce: Everything advisers need to know

SSAS and divorce: Everything advisers need to know

'It's estimated that only 4% of divorces include a pension'

Caitlin Southall
clock 30 January 2025 • 5 min read