Pension transfer times have fallen to the lowest level seen since the end of the Coronavirus pandemic in 2021, according to new data.

For the twelve months to the end of September 2024 the average transfer time through the Origo Transfer Service was 11.9 calendar days. This is a decrease of 15% from the post pandemic high of 14 calendar days in January 2023.

Year-on-year comparison shows that average transfer times are down by 10% over the past three years.

The average time for simpler transfers, where the transferring company has more control over the process, has reduced by 17.5% in the same period, from a high of 12 calendar days in January 2023 to 9.9 calendar days at the end of September 2024.

Transfer volumes have continued to increase, with 1.2m DC pension transfers completed in 2023, a rise of 22% year-on-year.

Anthony Rafferty, CEO of Origo, said the data shows that the market can expect a similar increase for this year.

He said: The latest data reveals that we are on track for a similar increase in 2024, with year-on-year comparison to the end of September 2024 showing a 21.5% increase in volume on the same period in 2023.

“So even as the number of transfers have gone up, the Index shows that on average consumers are seeing their pensions transfers being carried out well within two calendar weeks.  

“This illustrates how technology can keep improving efficiencies for the industry and help deliver better turn-around times for the end consumer.”

The Origo Transfer Index draws its data from the Origo Transfer Service, which accounts for around 95% of all DC pension transfers in the UK market. Published quarterly, the Index tracks the transfer times of 30 voluntary participants, including the biggest names in the industry. They account for 92% of the pension transfers carried out through the Transfer Service.