Personal Pension  

Dentons to speed up pension transfers

Dentons to speed up pension transfers

Dentons Pension Management will implement Origo’s services to try and reduce the time taken to transfer pensions.

Origio’s Options Transfers service currently conducts around 50,000 transfers each month, claiming to reduce the time taken to transfer pensions from around 10 weeks to an average of six days.

David Fox, director of sales and marketing at Dentons, said since the introduction of pension freedoms last year, pension transfers have become an increasingly important part of the industry.

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Mr Fox said: “Having the ability to transfer pensions in an efficient manner is something we pride ourselves on, so signing up with Origo was an obvious partnership for us.

“We continuously look at ways to improve the service we offer advisers and their clients and the technology systems we use to do this.”

Paul Pettitt, managing director of Origo, said automating pensions transfers not only cuts costs for businesses, but helps deliver a better service to the end consumer.

Gary Nettleingham, managing director at Catalpa Financial Planning, said another company signing up to the Options Transfer service was welcome.

Mr Nettleingham said: “However, from an adviser perspective, the transfer itself is only one piece of the jigsaw, and we still experience disappointing service standards from certain providers during the information gathering process.”

At the start of this month Intelligent Pensions reported it has seen defined benefit pension transfer requests surge by more than 14 times over the last year, as members take advantage of the increased flexibility offered by the 2015 pension freedoms legislation.

ruth.gillbe@ft.com