Origo, the eCommerce standards and services body for the financial services industry, is extending Options Transfers, its electronic pension and asset transfers service, into the occupational and Master Trust pensions market.
The fast and efficient transfer of pension pots and assets is becoming a growing issue for the pensions industry and it is set to increase as pot-follows-member plans are developed and volumes increase under Auto Enrolment rules. Within this context occupational pension schemes and Master Trusts will need to address the current manual processing against the less risky, more cost efficient, automated processing of transfers.
Paul Pettitt, Managing Director of Origo, says: "Origo understands the pressures facing this market and we have already seen an increase of £2bn, making a total of £14.4bn in all, safely and successfully processed by Options Transfers from Nov 2012-Nov 2013. It's clear Auto Enrolment is introducing new challenges for trustees and administrators and it is our intent to relieve some of this pressure. By extending our transfers solution to third-party administrators, trustees, pension scheme providers and Master Trusts who are not yet on the service it will help to improve transfer times and the service to members."