In our previous insight we looked at the pension transfer process. Here we take a look at how the transfer process can be tracked to enable members, advisers and employers to feel more in control of the process.

Our data shows that over half (63%) of workplace pension providers offer electronic tracking for pension transfers. All via the Origo Standard, although the version of which standard does differ between some providers.

Aviva My Money, Aviva My Money Master Trust, Mercer Master Trust Aviva and Scottish Widows proactively push the electronic tracking updates to the adviser on a case-by-case basis as the status changes.

Aviva Designer, Aviva My Money, Aviva My Money Master Trust, Fidelity, Fidelity Master Trust, Mercer Master Trust Aviva, Royal London and Scottish Widows deliver bulk messages i.e. multiple case updates delivered in a single electronic tracking message.

When it comes to what can be tracked, it varies considerably by provider. As an adviser, having this information available online and updated in real time is extremely valuable and will safe a lot of time.

• 74% of providers enable members, advisers and employers to track transfer authority
• 74% progress on outstanding questions
• 74% transfer of funds
• 53% in-specie transfers
• 74% incomplete application forms received
• 79% discharge forms send to ceding provider(s)
• 79% discharge form received by ceding provider(s)
• 68% discharge forms chases
• 58% proof of age confirmations
• 47% return of original policy documents
• 42% declaration of loss policy documents completed
• 58% receipt of declaration form for primary and enhanced protection
• 58% details of any registered protection not identified in the sales process
• 58% details of any tax free cash not identified in the sale process
• 68% receipt of declaration form on crystalisation
• 79% funds received from ceding provider(s)
• 58% all documents received from ceding provider
• 84% incoming funds reconciled
• 79% policy document issued
• 79% details of when case was last updated
• 68% date of next action
• 68% details of next action

It is worth noting that Legal & General and Royal London only offer their electronic updates for most stages of the pension transfer process on a manual basis. Whereas other providers mainly push or pull their updates via an extranet and/or email.

Scottish Widows and Fidelity are strongest here as can electronically track each stage of the transfer process via pull messaging via the extranet.
Overall, our data shows that workplace pension providers offer a wide-ranging number of electronic updates throughout the pension transfer process, however some provider could be doing more to improve the process.