A SIPP transfer is now a few clicks away

What is getting in the way of a great transfer experience?

Slow transfer times

The primary reason for slow transfer times is that the transfer process is largely manual and paper-based.

After receiving the instruction Pension providers have to:

1. manually note the back-and-forth communication between the ceding provider and receiving provider for information gathering;
2. manually carry out the due diligence process;
3. manually fund transfers between providers–transferring funds by the ceding provider, receiving funds by the acquiring/receiving provider and then investing the funds; all of which can take a considerable amount of time.

Lack of client updates

Clients often complain about the lack of updates they receive on the progress of their pension transfer. This can be frustrating and stressful, especially for clients who are close to retirement. Pension providers often cite the complexity of the transfer process as the reason for the lack of updates. Undoubtedly, when following a manual, paper-based process, providing continuous updates will only add to the workload and lead to further delays.

Howo can we help?

A.k.a technology to the rescue

Industry adoption of technology has been slow and sporadic. While solutions exist for issues like trusted communication between pension providers, the lack of connectivity between different systems involved in the overall pension transfer process causes many issues to go unaddressed.

WealthOS’ Unified Transfer Manager looks at solving these key inefficiencies within a single system:

We have already integrated with one of the leading transfer messaging services, which allows pension transfer admin teams to automatically send and receive updates to and from the transfer service provider without having to log in to its UI separately. This allows for a better user experience whereby teams can stay on a single screen to complete all their tasks.

Pensions are – in many cases – the largest asset an individual will have at any given point and it is incumbent upon all of us in this industry to treat it with the respect it is due. WealthOS is proud to be leading the charge on providing a frictionless and modern solution that any DC pension administrator can very easily adopt within their operating model to increase the efficiency of their transfer process immediately.