Defined Contribution  

Pension switching times revealed

In October 2018, Star was formed to define the processes required to complete a transfer between defined contribution schemes.

It is a partnership between Criterion and TeX that works on delivering the Transfers and Re-registration Industry Group framework (Trig), which was published in July and proposes a 14-day maximum limit for cash transactions and 15 days for occupational scheme transfers.

Article continues after advert

It also sets good practice targets for these transactions and credits firms in the industry which are performing well.

Mr McPhail said: "[Hargreaves Lansdown] have played a leading role in the Trig initiative, which has led to the formation of Star to implement a good practice standard right across the industry. 

"I would encourage all firms to sign up to it; this will lead to full transparency of performance and sets a standard for transfers to be executed within 10 days."

amy.austin@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know