PensionBee, a leading online pension provider, has adopted ViaNova transfer standards to enable faster and more efficient pension consolidation. The use of open standards allows for automated pension transfers, giving users the ability to copy, distribute, and use technology freely or at a low cost. By implementing ViaNova, PensionBee has reduced the average time for pension transfers from 53 to 20 days, improving transfer efficiency.
Facts
- PensionBee adopts ViaNova transfer standards to facilitate faster electronic pension transfers.
- ViaNova is an industry working group that sets consistent open standards for fund providers, pension providers, and platforms.
- PensionBee has completed hundreds of thousands of electronic transfers since joining Origo, a private online transfer service, in 2016.
- PensionBee collaborates with pension providers and third-party administrators like Fidelity, Hargreaves Lansdown, and Willis Towers Watson to promote faster electronic transfers.
- With the implementation of Equisoft, the average time for relevant transfers with PensionBee has decreased from 53 to 20 days.
- Romi Savova, CEO of PensionBee, emphasizes the importance of an efficient pension transfer process and calls for a 10-day Pension Switch Guarantee.
- Wider adoption of open standards in the pension industry is crucial for a common digital infrastructure, benefiting millions of consumers in the UK.
