PMI - Raising the bar: Pension transfers

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  • 03 mins 02 secs
Anthony Rafferty, Managing Director, Origo, discusses the company's role in the transfer service industry, the pensions dashboard, how the transfer service works for occupational transfers and what Origo can give to trustees.

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The Pensions Management Institute



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PRESENTER: Joining me now is Anthony Rafferty, Managing Director of Origo to discuss pension transfers. So Anthony it’s good to have you with us today. Now, first of all Origo, now there’s a company that are behind the successful transfers service, so talk me through your pedigree and also what role you play in the industry?

ANTHONY RAFFERTY: Sure. Well Origo celebrates its 30th anniversary can you believe next year. So we’re probably one of the oldest, longest established fintechs in the UK. We’re best known for kind of industrywide services which aim to save money within industry. Probably best known is our transfer service. It celebrates its 10th anniversary this year. And since then we’ve done over £160bn worth of transfers. That’s over five million individual and bulk transfers. And we reckon we’ve saved industry over £600m in processing costs.

We’re also well known for the Unipass service, which is used by eight out of ten financial advisers in the UK every single day. And you probably know us also from our work on the Pensions Dashboard. We’ve been at the heart of that since it was first thought up and we’ve got our service ready and skill tested to 15 million users, so we’re ready to go to deliver the Pensions Dashboard too.

PRESENTER: So how does the transfer service work for occupational transfers, because I thought it just related to the contract-based world?

ANTHONY RAFFERTY: It works actually for all types of pensions, so master trusts, occupational pensions; in fact we’ve designed the service specifically for occupational pensions where whole schemes can transfer in the one go. So rather than doing individual transfers, an administrator can transfer a whole scheme using our bulk transfer service. They also work for SIPPs and for ISAs too, so it doesn’t really matter what type of wrapper it is.

PRESENTER: So then what level of assurance can Origo’s transfer services give to trustees?

ANTHONY RAFFERTY: Well it’s really three different things. I mean the first thing is security. So a secure link is established between a seeding provider and a receiving provider. Data quality is another thing that it goes with. So we’re using the same data without the need to rekey. And the third one is speed. It used to take about 50 working days can you believe to transfer a pension from one scheme to another; their average now is 11 days. And I’m led to believe the quickest was 45 minutes. So those three things and I suppose if I added another one it would be a great suite of MI. I’m a great believer if you want to improve something, you measure it. So the transfer service comes with some great MI that allows administrators to focus on improvements.

PRESENTER: Anthony, thank you.

ANTHONY RAFFERTY: Thank you.