Sipps Professional columnist Claire Trott wants to see all providers and platforms to be able to carry out electronic in-specie transfers, saying it can only be beneficial for consumers and industry alike.

Ms Trott, director at Sipp firm Talbot and Muir, made the comments as Origo reported that the number of providers joining its Options Transfers service has risen sharply.

There has been a 22% jump in 13 months, bringing the total number of Sipp providers signed to the service to 45, it reported today.

Overall, a total of 80 platforms and providers now use Options Transfers, Origo said.

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Ms Trott, whose company signed to Options in November 2015, said: “Origo has a fantastic reputation in the market for providing tangible business efficiencies.

“Its Options Transfers service has the ability to transfer pensions either in-specie or in cash, or a combination of both, which is invaluable for Sipp providers like ourselves.

“We would like to see all providers and platforms able to carry out electronic in-specie transfers – as that can only be beneficial for consumers as well as the industry.”

Paul Pettitt, managing director of Origo, said there had been rapid growth in users over the last year.

He said: “Origo is a keen advocate of automation in the pensions market and we believe electronic in-specie transfers of pensions will help create considerable cost efficiencies for the industry and a far better experience for the end consumer.

“Currently, the market for electronic in-specie transfer of pensions is in very early days in terms of take up but that can soon change given a push by the industry.

“In order to carry out an electronic transfer, the platforms and providers involved both need to have that capability. If one is still using paper-based processing, clearly, that will delay the overall transfer time.

“The more providers that move away from paper-based processing and embrace electronic transfer processing, the more opportunity there will be for in-specie transfers to take place.”

See Claire Trott’s latest column tomorrow morning and for previous ones click here.