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...
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