Re-registration of pension assets taking no longer than six business days will soon be the norm, according to the Tax Incentivised Savings Association.
By the end of 2013, Tisa claimed a new exchange, known as Tex, will facilitate the electronic transfer of assets.
Tex will initially focus on a range of personal pension product transfers.
David Dalton-Brown, chairman of Tex, said this could also eventually dovetail with the government’s automatic enrolment and ‘pot-follows-member’ policies.
According to Mr Dalton-Brown, Tex has conferred with the Department for Work and Pensions on the details of the Tex pension initiative.
He said: “The DWP are supportive of an industry led solution and confirmed they will watch the implementation of the project with interest.
“It is clear that the DWP favour the principle of accelerated member initiated pension transfers across the industry to a consistent standard, together with clarity and transparency to the consumer.
“It is particularly pleasing that the success of Tex in providing an open industry facility that is enabling clients to benefit from the quicker transfer of assets to commonly agreed standards is recognised by the government and the regulators.
“These same principles will be applied to pension transfers to give providers, advisers and consumers a generic solution that they can all have confidence in. It is our intention to continue to broaden the scope of Tex with offshore funds likely to be the next area considered for inclusion.”