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

Average transfer takes 11.9 days

Jenna Brown
clock
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 Adviser

 

  • 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

Key causes for personal pension provider complaints highlighted

Key causes for personal pension provider complaints highlighted

Penfold crunches FOS figures with TrustPilot reviews of providers

Hope William-Smith
clock 28 September 2022 • 1 min read
'Significant spike': Cost of living crisis drives pension withdrawals

'Significant spike': Cost of living crisis drives pension withdrawals

Some £3.6bn ‘ripped’ from pots between April and June this year

Jenna Brown
clock 28 September 2022 • 5 min read
HMRC reveals 25% fall in people breaching annual allowance limit

HMRC reveals 25% fall in people breaching annual allowance limit

‘Thresholds for tapered AA rose to over £200,000’

clock 28 September 2022 • 2 min read