The variety of outlined contribution pension transfers in 2023 soared by 22% to 1.2m regardless of predictions of a decline out there.
Trade fintech Origo mentioned its Origo Switch Service (OTS) recorded the variety of transfers up by over a fifth in 2023 from 1m in 2022.
In 2023 the OTS transferred practically £53billion in pension pots for pension holders, a 24% improve on the earlier 12 months.
Orgio mentioned 2023 was, “a file breaking 12 months for pensions transfers.”
The agency mentioned it was the third 12 months the service has seen volumes rising above a million within the 12 months.
Origo claims to deal with about 95% of the business’s outlined contribution pensions transfers by means of the Switch Service.
Some 150 manufacturers use the service, with Equiniti’s EQ Retirement Options the newest joiner, in November 2023.
Regardless of the elevated quantity of transfers, Origo mentioned half of transfers had been accomplished in 7 days or below, whereas the common total switch time in 2023 was 13.6 calendar days, down from 14 calendar days in 2022.
The newest quarterly knowledge from the Origo Switch Index, which information the switch knowledge from 30 suppliers, reveals a median switch time from October to December of 12.5 calendar days, with less complicated transfers taking 10.1 calendar days.
Anthony Rafferty, CEO Origo, mentioned: “Alongside the elevated volumes dealt with by means of the service, transfers instances have continued their downward development by means of the 12 months, from a median of 14 calendar days in January 2023 to 12.6 calendar days in December. Occasions for easier transfers have additionally decreased from 12 to 10.1 calendar days over the 12 months.
“The Origo Switch Index supplies the pension ceding knowledge of 30 suppliers who’ve agreed to publish their knowledge on a quarterly foundation, representing 92% of all transfers accomplished by means of the service. The newest joiners to the Index had been Scottish Widows and Clerical Medical in October 2023.”
In Could 2022, non-public fairness agency Vespa Capital partnered with the Origo management crew to amass the enterprise from numerous suppliers.
Origo is an business hub offering connectivity and transfers between suppliers utilizing agreed requirements.