Overall pension transfer times have fallen to 12.9 calendar days, down from 13.6 calendar days in June, the latest Origo transfer index has shown.
The overall figure includes transfers where a third party may be involved, such as where approval is required from trustees, and so the transfer is not fully in the provider's control.
Additionally, ‘simpler' transfer times have also improved. The average time for the period was 10.6 calendar days, down from 11.5 calendar days in June.
Forster Life had the fasted overall transfer time at 5.3 days, while LV= had the slowest at 27.6 days.
Other provides on the table included Aegon at 11.2 days, Aviva at 9.5 days, Canada Life at 10.6 days, Scottish Widows at 12.4 days, Quilter at 14.2 days and Fidelity at 8.7 days.
Scottish Widows and Clerical Medical have now joined the index, bringing the number of participating providers to 30. This group of providers accounted for 92% of all transfers completed through the Origo Transfer Service in the 12-month period to the end of September 2023.
Origo chief executive Anthony Rafferty said: "All transfer times are under the regulator's scrutiny. Our data shows that within the pensions market, Origo's digital processing is enabling simple pensions transfers to consistently complete in around ten days.
"The pensions industry must now look to its outliers, who typically use slow, paper-based processes, with a view to bringing down pensions transfers times across the board. It is important for consumer outcomes that as an industry we continue to reduce transfer times whilst keeping security front of mind."
Source: Origo
