Your IndustryJul 16 2014

First electronic pension transfer is made using ISO 20022

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The head of business systems at Altus said the transfer took place between Bristol-based Hargreaves Lansdown and Cranfords, and was completed within two working days.

According to Mr Cocks, this is the first ‘open standards’-based electronic pension transfer to take place as part of the Pathfinder project involving Alliance Trust Savings, Ascentric, Cranfords, Hargreaves Lansdown and Wealthtime. Pathfinder aims to implement open standards so that technology used to transfer funds is available to everyone.

It uses the open ISO 20022/Swift standards under the TeX legal framework.

Mr Cocks, said: “The importance of adopting truly open standards under the framework supported by TeX is not to be underestimated. This prominent industry development is a crucial step in our mission to support the government’s big agenda for the pensions industry, which is based on the principles of freedom and choice.”