Origo has signed another seven SIPP providers to the Options Transfers service in the space of four months, it says.
The latest signings are: Barnet Waddingham, DP Pensions, Greyfriars, Intelligent Money, Momentum Pensions, Pensionology and Xafinity.

Origo says this is in addition to the 22% increase in signings reported in February and brings the total number of SIPP brands on Options to 54.

The recent signings bring the overall number of financial services brands being served by Options Transfers to 90, up by 15 since Talbot & Muir became the 75th signing in October 2015.

Paul Pettitt, managing director, Origo says: “Origo has a well-earned reputation in the market for providing tangible business efficiencies for its users and the ever-growing number of firms signing to the service demonstrates that Options delivers what it says it will on the tin.

“Options Transfers has the ability to transfer pensions either in-specie or in cash, or a combination of both, for pension pots of all sizes. With the introduction of pensions freedoms, the speed and cost of pensions transfers have inevitably come under the spotlight. The days of paper–based processing is rapidly coming to an end.”

“Automation significantly reduces the time frame for effecting a transfer, on average speeding up the pensions transfer process from 10 weeks to six days, and some transfers through Options have been carried out in just minutes.

“There are assets held on SIPPs that, by their very nature, are complex and therefore can take longer to transfer but the more firms that stop processing manually and automate their systems, the better it is for the industry, creating efficiencies, cutting costs and above all, delivering a far better service to the end consumer.”