Simpler pension transfers took an average of just 11 days to complete in the lead up to one of the busiest times for the industry as the 2024/25 tax year end approached, the latest Origo data reveals.
Half of all transfers also completed in seven working days or less, Origo suggested, noting that simple transfers relate to a company’s performance when they have more control over the process for relatively straightforward pension assets moving away from their business.
The figures for the 12-month period from 1 April 2024 to 31 March 31 2025, remain close to the 10.5 days previously recorded at the end of last December.
Meanwhile transfer volumes and values were significant for the OTI group over the period, reaching 1.4 million with a value of over £57bn. And the overall pension transfer time, allowing for slightly more complex transfers where providers may need to rely on third parties for additional information, came in at 12.7 days.
Origo’s Transfer Index tracks the pension transfer times of almost 30 voluntary participants, including most of the big names in the industry.
Performance is measured on how long it takes the ceding provider to transfer the request, including any due diligence and divestment of funds before sending the customer’s money to the acquiring provider.
Those firms which publish their transfer times as part of the Origo Transfer Index make up 90% of all completed transfers in the noted 12-month period. The transfer service provided by Origo accounts for over 80% of all defined contribution pension transfers in the UK market.
Anthony Rafferty, CEO of Origo said: “Tax year end is typically the busiest time of year for advisers, clients and providers alike, reflected by rising transfer volumes and pension transfer values over the period. Against this backdrop, we can see why pension transfer times have crept up that little bit in recent months but we would expect these to drop back down now that this busy period is behind us.”
2Overall this is still good news for consumers who are mostly having their pensions transferred in close to 10 days and as an industry we should feel proud of that.”
