Average transfer times for DC pensions fell by 14.2% in the 18 months to the end of June 2024, according to new figures published by fintech Origo.

Average transfer times fell from 12.3 calendar days to 12 calendar days in the period from January 2023 to the end of last month, the company said.

The average time for simpler transfers, where the transferring company has more control over the process, fell 18.3% over the same period, from 12 calendar days in January 2023 to 9.8 calendar days at the end of June.

The Origo Transfer Service accounts for around 95% of all DC pension transfers in the UK market, the company said. Its transfer index is published quarterly and tracks the transfer times of 30 voluntary participants, which account for 92% of the pension transfers carried out through the transfer service.

Anthony Rafferty, chief executive, Origo, said: “Our data shows that transfer times have been progressively falling over the past 18 months, which is good news for the industry and for the end consumer.

“As we approach the first anniversary of the implementation of the Consumer Duty rules, it is important that all companies review their processes with a view to ensuring consumers do not suffer detriment or foreseeable harm. 

“These lie as much in the speed of service to the consumer as in any other area. We all want consumers to receive the best service.”

He said that in other processing areas, such as letters of authority where overly long delays are being experienced by advisers, “we have to look at where the pain points are, and make every effort to resolve them.”