Pension transfer times reach two-year low – Origo Transfer Index

Average pension transfer times have fallen to 10 days for the first time in two years, according to the latest data from the Origo Transfer Index.

Responding to the figures, PensionBee said the milestone reflected progress in digital pension transfer processes, although inconsistencies across the market remain.

Lisa Picardo, chief business officer UK at PensionBee, said the published figures did not fully reflect the experiences of savers dealing with paper-based systems.

She said: “Whilst it’s positive to see pension transfer times of 10 days for some providers, averages only tell part of the story.

“These figures primarily reflect providers operating through electronic transfer systems who choose to voluntarily disclose their times – they do not fully capture the experience of savers dealing with paper-based processes, where transfers can still take several months.”

Picardo said previous PensionBee data had identified providers and administrators taking substantially longer to complete transfers.

She added: “PensionBee data has previously revealed that some providers and administrators are routinely averaging more than 90 days – meaning an individual’s experience can be even worse than this.

“The continued inefficiency by certain providers and administrators is frustrating for consumers and chips away at the trust they place in the pension system to help them build a secure retirement.