Pension transfers should take no longer than six working days, according to the the Tax Incentivised Savings Association (TISA) which is set to launch a service facilitating quicker switches.
It's TISA Exchange (Tex) club - which focuses on personal pension transfers - will aim to complete moves within the six day timeframe by the end of the year.
It's said the organisation would remain focused on personal pension transfers at present but "in time" it could be extended to cover workplace pensions, improving the transfers necessary for pot to follow member.
The club is a group of transfer providers which have agreed a set of service level agreements for the re-registration of pension assets.
Providers involved include Origo, Calastone, Altus, Euroclear and Actuare. The club is the product of work by the UK Funds Market Practice Group and the TISA Advisory Council.
In a speech to the National Association of Pension Funds conference last month, pensions minister Steve Webb said the Department for Work and Pensions (DWP) would prefer an industry-led solution to a government-led system using a central database or extra paperwork.
Tex chairman David Dalton-Brown said: "We have engaged and shared with the DWP the details of the Tex pension initiative. The DWP is supportive of an industry-led solution and confirmed it will watch the implementation of the project with interest."
He added: "It is particularly pleasing that the success of Tex in providing an open industry facility that is enabling clients to benefit from the quicker transfer of assets to commonly agreed standards is recognised by the government and the regulators."
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