Your Industry  

Pensions transfer template opened up to industry

Paul McBride, director of Legal & General Trustees said the common declarations could cut waiting times across the pension tranfer process and benefit providers, pension schemes, advisers consumers alike.

The common declarations, a standard wording template agreed by 45 providers for application forms, were previously only available within Origo’s own options transfers service.

Paul Pettitt, managing director of the company, said the standardised format for application forms had wiped out the need for ceding schemes to gather paperwork, such as discharge and lifetime allowance forms.

Article continues after advert

He added: “This removal of paperwork, and the associated time it takes to chase and process it, has been a contributing factor to the success of the Options Transfers service in dramatically reducing pensions transfer times to just a handful of days.”