Displaying items by tag: Origo

The number of defined contribution pension transfers in 2023 soared by 22% to 1.2m despite predictions of a decline in the market.

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

SIPP and platform group Embark’s new ‘Advance by Embark’ platform has been added to the Origo technology integration fintech hub.

Transfer volumes through the Origo Transfer Service have increased by 20% year on year between 30 June 2018 and 30 June this year, to over 680k, it has been revealed.

Prime Minister Theresa May and Pensions Minister Guy Opperman have backed for the Pensions Dashboard as plans are due to be announced this week to move the proposal a step closer.

A petition against scrapping the pensions dashboard has garnered more than 100,000 signatures.

---

Tens of thousands have called on Work and Pensions Secretary Esther McVey not to shelve the proposal, with the count up to 126,527 at the time of writing.

The petition, on website 38 Degrees, reads: “The Welfare Secretary Esther McVey wants to 'kill off' a new government website which would help millions of people keep track of their pensions throughout their careers, because she thinks it's not the Government's job to help.

“Without it millions of pension pots are at risk of being lost.

“According to estimates by the Department for Work and Pensions, 50 million pension pots will be lost by 2050 without an official website to help workers to keep track of savings through their careers.”



It added: “A huge petition signed by thousands of us will show the Government we expect them to keep their promises and continue to roll out the pensions dashboard.”

The success of the petition has been backed by fin-tech firm Origo and managing director Anthony Rafferty said:

“The petition launched by 38 Degrees, in response to media reports that the pensions dashboard might not go ahead has passed 100,000 signatures, showing the depth of feeling and the support that the initiative has in the country.

“The benefits of the pensions dashboard are easily seen and have clearly struck a chord with people.

“We at Origo have been passionate supporters of the pensions dashboard since the initiative was launched, believing it is essential to help individuals engage with their retirement planning, particularly in the new pensions environment which was ushered in with the Pension Freedoms.”

Pension transfers into SIPPs dominated the pension transfer market in 2017, latest industry figures show.

Origo has signed another seven SIPP providers to the Options Transfers service in the space of four months, it says.

Key figures from 25 businesses that deal with Sipps attended a meeting this week to agree on a plan to move to a new electronic reregistration system.

Sipps Professional columnist Claire Trott wants to see all providers and platforms to be able to carry out electronic in-specie transfers, saying it can only be beneficial for consumers and industry alike.