Origo, the eCommerce standards and services body for the financial services industry, has gone live with the industry's first automated system for re-registration of pension assets, linking with five of the market's major platforms and providers - Fidelity SIPP, FundsNetwork Pension, Nucleus, Hornbuckle Mitchell and Curtis Banks.
The re-registration system uses Origo's Options Transfers service, which is the only service in the industry offering market-ready automated transfer of pension assets including those held in SIPPs (as well as in ISAs and GIAs).
Paul Pettitt, Managing Director of Origo, said: "This is a major step forward for the industry. Origo's Options Transfers service is recognised as the market leading service for cash and asset transfers, processing over 40,000 transfers a month, totaling over £30 billions' worth of transfers since launch in 2008.
Re-registration is now a major part of the service we offer. In our White Paper published in October 2012, we highlighted the increased regulatory and market pressure on the industry to be able to undertake automated re-registration of pensions. These five platforms and providers are the first adopters in what we believe will be a rapid movement towards the industry scaling up to automated pension transfers, particularly with the roll-out of auto-enrolment which could see the need for transfers increase exponentially.
"Pension re-registration is a natural progression for the Options Transfers service - benefiting platforms, providers, financial advisers and most importantly, consumers. The five names that have gone live now and those that will be going live over the coming weeks, have been working alongside Origo to make it happen. We have a steady stream of companies approaching us looking to take advantage of our combined pension re-registration and cash transfers offering through Options Transfers."