The number of annual pension transfers has risen by 64% since 2018, according to a new report.

There were 64% more transfers completed between 1 July 2021 and 30 June 2022 than there were during the same period in 2018, according to the Origo Transfer Index.

Pension transfer times have remained steady.

The overall number of days taken for ceding pensions from one provider to another was 13.3 days for the period since 2018.

This compares to 13.5 days recorded for the 12 months to the end of March 2022.

Transfer times for simpler transfers between 1 July 2021 and 30 June 2022, where the provider has complete control over the transfer process, were an average of 11.4 days.

Anthony Rafferty, CEO Origo, said: “Pension transfer times as measured by the Origo Transfer Index, have suffered since the beginning of the pandemic but since October 2021, the average transfer time across the OTI has stabilised, at a little over 13 calendar days, although many are carried out within minutes.

“Given the far higher volume of transfers being dealt with now than four years ago, this can be seen to reflect positively on the 28 participants in the Origo Transfer Index.”

Origo’s Transfer Index includes data from 28 pension providers, who all participate on a voluntary basis.

Origo is a fintech company which aims to connect providers and make the transfer of investments between providers easier. It is one of two providers appointed to supply the central digital architecture for the Pension Dashboards Programme.

Next month the fintech is planning to launch a Pension Dashboard connector tool to enable providers to connect more efficiently to the Pensions Dashboards. 

The government-backed Pensions Dashboard tool is designed to give consumers access to all their pensions and retirement plans in one location online. It is due for a phased launch over the next few years but has yet to go live and has been beset by delays.