The number of completed pension transfers reached a record-breaking value of £40bn for the year to the end of June, according to data released by Origo.
Origo also revealed 47.5% of the transfers made were pensions of £10,000 or below. About 15% of the total were pots under £1,000. The data also showed that overall transfers are taking around an extra day to complete compared to the first quarter of 2021. The average ceding performance of all providers came to 12.5 days with NFU Mutual taking the least (6.2 days) and LV= taking the most time to transfer (27.5 days). Providers that improved their yearly average performance in Q1 to Q2 include Elevate, Fidelity, Forester Life, Hargreaves Lansdown, Legal and General, LV=, NFU Mutual, Par...
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