Defined Benefit  

Origo hits £100bn of pensions transfers

Origo hits £100bn of pensions transfers

Origo Options Transfers has reached a milestone £100bn of pensions transferred through its service from more than two million transfers.

Launched in December 2008 to help speed up pension transfers the not-for-profit online service is seeing ever larger sums processed, with £20bn processed in the past 10 months and more than 90 brands now using the service.

On its launch the average paper-based transfer took around 50 days, but the service is now achieving that process in eight days on average.

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In hailing the £100bn milestone, Paul Pettitt, managing director of Origo, said his company supported last week's Improving Pensions and Investment Transfers and Re-registrations consultation paper, which stated automated processing and the regular publication of management information are key elements to enabling improved outcomes for consumers.

Tom McPhail, head of pensions research at Hargreaves Lansdown, noted that not all companies chose to use the Origo service and ideally the industry needed common standards on transfers.

He said: "Ultimately, transfer times need to be brought down to no more than a few days, including occupational pension schemes, which are typically among the worst offenders in being slow at processing requests."