Providers’ pension switching times have improved over the past year, now taking on average of 8.8 days to complete, half a day less than last year.
Fintech company Origo today published data revealing how long pension providers took to process a pension switching request on average for the 12 months to March 31, 2020.
It found that overall switching times have dropped by half a day on average, with simpler transfers taking a week to complete, down from 7.9 days the previous year.
According to Origo, simple transfers are those where the ceding provider has complete control over the entire ceding process, therefore they are not complicated by external factors.
For the year until March 31, the Origo Transfer Service switched a total of £37.2bn worth of pension funds, with an average value of £47,609.
According to the latest data, NFU Mutual was the fastest provider, taking 4.9 days on a normal switch and 4.6 days on a simple switch.
Out of the 26 firms which provided data through the Origo transfer service, 13 took fewer than 10 days to process a request.
Pension switching involves moving a defined contribution pot from one provider to the next and is different from pension transfers, which see defined benefit pensions being moved into DC schemes.
Anthony Rafferty, managing director at Origo, said: “The average transfer times being achieved by participants in the Origo Transfer Index overall is to be commended and is good news for individuals wishing to safely and quickly transfer their assets.”
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