Standardizing the non-standard in complex pension transfers
Transfers remain one of the most sensitive moments for end-customers and advisors, especially when off-platform assets and multiple parties are involved. Timelines stretch, communication varies, and expectations become difficult to manage.
To continue advancing industry-wide improvement, FNZ hosted a roundtable at our London office with representation from the FCA, TeX, Origo, the Platform Association, and leaders across major providers. The session was co-chaired by FNZ Deputy UK COO David McWatt and Nucleus COO Ross Allan.
The opportunity in front of us
The discussion centered on how the industry can deliver a more predictable experience when transfers fall outside standard digital execution.
Three priorities emerged:
1. Collaboration
Meaningful improvement depends on the industry moving together. Aligning data, processes, and responsibilities across advisors, platforms, custodians, and administrators reduces rework and avoids repeated escalations.
2. Accountability
Every transfer-in begins with a transfer-out. Clear ownership at each stage can materially reduce delays, especially when exceptions occur.
3. Commitment to improvement
Standard transfers are speeding up through automation, but complex cases still create uncertainty. Opportunities highlighted included stronger data validation, clearer expectations for asset types, improved transparency for advisors, and reducing unnecessary case chasing.
The FCA reinforced that transfers will remain a focus area under the Consumer Duty, especially around speed, transparency and customer communications, oversight and accountability, and operational improvement and resourcing.
Next steps
While FNZ and Nucleus have made meaningful progress in reducing timelines, the roundtable underscored the need for continued collaboration to address the most complex cases.
FNZ will continue working with industry partners to drive predictability, reduce friction, and support better outcomes for customers.
Anyone interested in participating in future sessions is encouraged to contact us using the button below.