Aviva, one of the largest providers of workplace pensions in the UK, has introduced automated bulk transfers using the Origo Options Bulk Transfers service to quickly and securely transfer schemes with hundreds of members.
Colin Williams, MD Workplace Benefits at Aviva, said:
"By providing an automated service for bulk transfers, we are helping members and employers benefit from an efficient and timely transfer process for what can be a complex, and labour- intensive exercise that can involve moving hundreds, if not thousands of members.
"Changes such as updates to contributions can happen whilst a bulk transfer is in-flight, so Origo’s Options Bulk Transfers service enables the process to be fully transparent to both ceding and receiving parties, ensuring one true set of data from which both parties can process.
"As well as auditing and record keeping, we are well aware of the benefits that the Options Transfers service provides in terms of speed of transfers and secure communications between administrators.
"By having the ability to transfer schemes with hundreds of members in just a matter of days, the Options Bulk Transfers service will be of great benefit to all parties involved, especially for the member."
Anthony Rafferty Managing Director of Origo, said:
“New regulation and adequacy requirements coming into effect this year for Master Trusts and auto enrolment anniversaries could drive more transfer activity in the occupational sector.
“Bulk transfers and the efficacy of that process may well come under increasing pressure and we, the industry, have a responsibility to ensure delivery of a service that provides positive outcomes for members.
“Welcoming another large provider like Aviva to our Options Bulk Transfers service demonstrates their belief in making sure that the member experience and their outcome is positive. We look forward to welcoming more providers, as well as third-party administrators to the service as it grows.”
About Origo’s Options Bulk Transfers service:
Origo’s Options Transfers service smooths and speeds up the bulk transfers process by removing the industry’s previous reliance on paperwork and eliminates the potential risks of keying errors.
The Options Bulk Transfers service provides for:
- Faster, member-centric service
- Transparent, trackable process
- Secure and reliable transfer and communications between transferring parties
- Consistency and integrity of data (as all transfer parties work from the same data)
- Savings for providers and administrators in terms of time and money
- Common approach across the industry
- Significantly reduced costs per transfer as well as overall costs
- Better member outcomes
Ben Moss, Senior Media Relations Manager +44 (0)7827 832 395 / 0117 928 5843
Rob Kingsbury, KGR Media Services 07900 931 305
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £475 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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- Origo is the not-for-profit Fintech company dedicated to improving connectivity between financial services companies, boosting efficiencies, improving performance and reducing integration costs for industry participants, while significantly improving financial outcomes for consumers.
- In successful operation for almost over a decade, Origo’s Options Transfers service continues to revolutionise the industry’s transfer processes delivering significantly reduced transfer times and comprehensive audit & performance monitoring. Of the millions of transfers that are processed through the Options Transfers service, 85% complete within 12 calendar days.
- Originally set up to improve the processes around Open Market Options, the Options Transfers service continues to grow and develop to enable the processing of a wide variety of transfer types and products including pensions and assets re-registrations and now bulk transfers.
- You can follow Origo www.twitter.com/@origo_services