Origo is set to officially launch its bulk pension transfers service to the market on Monday (21 September).
Since the start of this year, the Options Transfers service has been providing automated transfer of member assets, enabling pension schemes and third party administrators to cut the time taken.
That technology has now been developed to accommodate bulk transfers.
Paul Pettitt, managing director of Origo, said: “As seen with our individual pension transfer times, there will be huge benefits derived by the industry through conducting automated bulk transfers.
“With the publication of the FCA pension freedoms data collection exercise: analysis and findings yesterday, there is increasing focus on the member experience, leading to manual processes coming under greater scrutiny.
The new service includes automated monitoring and co-ordination, as well as prompting of actions, with full management information and audit trail for review and compliance requirements.
Last month, Origo reported the volume of pensions transferred into annuities fell by 68 per cent in April, compared with transfers a year ago.
The eCommerce standards and services body also found that in the three months since the pension freedoms took effect, overall pension to annuity transfers through its Options service were down by 58 per cent compared to 2014.
The transfer service handles around 95 per cent of the contract transfer market, automating about 40,000 transfers a month.
emma.hughes@ft.com
