As some of you will know, each summer we publish our Robin Hood Index, where we share all of the transfer data we’ve come across over the past year. We share the best and worst transfer times, as well as exit fees, annual management charges and overall fee transparency. We do this to highlight where pain points still lie for our customers and measure over time where friction decreases, increases or disappears.
Watch out this August for our Robin Hood 2018!
While we’ve been pulling all this data together, and in the spirit of transparency and honesty, we thought it was about time we published our own transfer data. This is the time it’s taken for us to send clients funds to their new provider electronically via Origo Options.
We believe everybody should be doing this, so we are going to lead the charge!
First up we’re publishing all transfer data, both the number of transfers out and average transfer time for each month, as well as the average. Our average transfer out time for 2017 was 11.7 days, in keeping with the Origo SLA of 12 days and in line with our call for a 12 day pension switch guarantee.
|Month / Year||Number of transfers||Days taken to transfer|
Our transfer out numbers are still small, which means one month’s data set can easily be distorted by one or two outliers, such as where we need to do additional due diligence on a scheme before we transfer, or the customers fails identity checks. But as PensionBee grows we hope to push this number down over time, and we are continuously improving our internal processes to do so.
Second up, we are going to be adding all of our own data to Robin Hood from 2018 onwards. That’s all our transfer data, but also fees and charges. As our business grows we believe we should be on there as well, so consumers can use the index to compare average charges, fees and transfer times across the industry.
See you all in August!