Origo, an e-commerce standards and services body for financial services, has gone live with what it says is the industry's first automated system for re-registration of pension assets.
It has linked up with five of the market's platforms and providers – Fidelity Sipp, FundsNetwork Pension, Nucleus, Hornbuckle Mitchell and Curtis Banks.
The re-registration system uses Origo's Options Transfers service which offers market-ready, automated transfer of pension assets including those held in Sipps (as well as in Isas and GIAs - general investment accounts).
Paul Pettitt, managing director of Origo, said: "Origo's Options Transfers...processes over 40,000 transfers a month, totalling over £30bn worth of transfers since launch in 2008.
"Re-registration is now a major part of the service we offer. In our White Paper published in October 2012, we highlighted the increased regulatory and market pressure on the industry to be able to undertake automated re-registration of pensions.
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He added: "These five platforms and providers are the first adopters in what we believe will be a rapid movement towards the industry scaling up to automated pension transfers, particularly with the roll-out of auto-enrolment which could see the need for transfers increase exponentially."
Origo was launched by 16 of the UK's leading life assurance companies in 1989 to facilitate the development of electronic trading between principals and agents for life, pensions and collective investment business.
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Origo automates re-registration for 5 platforms and providers
