Origo's Options Transfers celebrates 10 years
This month, Origo's Options Transfers service marks its 10th year of improving the transfer times for pensions, ISAs and GIAs for consumers and the industry.
In the 10 years, Options Transfers has securely and efficiently transferred over £160bn for millions of consumers and has close to 120 financial services companies using the service. It is also the only complete transfers service in the industry, enabling secure and speedy transfers of pensions, GIAs and ISAs.
Commenting on the 10 year anniversary and the success of the Options Transfers service in the market, Anthony Rafferty, Managing Director of Origo, says: “Origo was established in 1989 as a not-for-profit organisation with the remit to help the industry improve its efficiencies, cut its costs and improve the service to consumers.
“Options Transfers was launched in 2008 to tackle the inordinately lengthy time frames for transferring pensions – an average of over 50 working days at that time. Options Transfers immediately cut those times down. The long-standing average transfer time is now 11 calendar days. And through our user and steering group forums, we work with the companies that make up the large Options Transfers community to monitor and review their transfer performance, which helps drive further performance improvements.
“In developing the Options Transfers service, Origo worked closely with the industry to revamp a largely manual process and re-engineered it through the creation of new frameworks and technology."
“These new legal and technological developments swiftly helped reduce the time taken to transfer. Now transfers through Options Transfers take an average of just 11 calendar days, including the time required for banks to process monies through BACS.
“Following its success with pensions, Options Transfers was quickly upgraded to support ISA and GIA transfers, as well as occupational transfers. The service also helps pension schemes and third-party administrators to effect bulk transfers of pension members, where for example a scheme changes administrator or an employer changes scheme.
“Furthermore, users of Options Transfers are part of a trusted community focussed on improving their operations and delivering better service to the consumer. The Options Transfers user group and steering group feed into the service to ensure we are delivering what the industry needs including complete readiness ahead of any regulatory changes, such as Pensions Freedoms.
“But, above all, Origo’s Options Transfers service is focussed on improving outcomes for consumers and we are proud that since launch, we have saved consumers over 225 million transfer days.”