Pension transfers reach record £40bn - Origo

12.5 days on average to transfer

Sophie King
clock • 2 min read

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...

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 Your profession

SJP's succession: Five priorities for the next chief executive

SJP's succession: Five priorities for the next chief executive

Advice giant has employed head hunters to search for a new leader

Justin Cash
clock 02 June 2023 • 3 min read
Wren Sterling expands Northern reach as it acquires Callisto Wealth

Wren Sterling expands Northern reach as it acquires Callisto Wealth

Strategic move to bolster Wren Sterling's position in the wealth management sector

Sahar Nazir
clock 02 June 2023 • 1 min read
FCA joint executive director of enforcement and market oversight Therese Chambers

FCA says it handed down £216m in penalties in 2022/23

FCA reveals it is investing in technology to improve investigations

Sahar Nazir
clock 01 June 2023 • 1 min read