Pension transfer times remained steady between 1 July 2021 to 30 June 2022, despite transfer volumes rising by 64% in the last 12 months than in 2018, according to Origo's latest Transfer Index (OTI).
The financial technology firm's transfer index also highlighted that pension transfer times decreased to 13.3 days for the latest period, slightly faster than the 13.5 days recorded for the 12 months to end of March 2022.
Anthony Rafferty, CEO Origo said: "Pension transfer times as measured by the Origo Transfer Index, have suffered since the beginning of the pandemic but since October 2021, the average transfer time across the OTI has stabilised, at a little over 13 calendar days, although many are carried out within minutes.
The Origo Transfer Index measures both overall times, which will include cases where the provider may not have control over the entire process, and an average for ‘simpler' transfers, where the provider has complete control over the transfer process.
The latter took an average across the group of 11.4 calendar days in the 12-month period to end of June (it was also 11.4 days for the 12 months to end of March 2022), according to Rafferty.
The index used the data of 28 companies that voluntarily agreed to "publish their data in the interests of transparency and to help improve the transfer times and outcomes for pension holders," said Rafferty.
