Pension reforms have seen significant increases in long-term savings and investment transfers and re-registrations. Industry systems and processes are inconsistent and the timeframes involved in making transfers vary greatly between providers. This is not great for consumers and time-consuming for providers, increasing their administrative costs.
STAR is shaping recognised, industry-wide standards to promote good practice in transfers and is welcomed by government, consumers and responsible providers alike.
STAR is a collaboration between Criterion and TeX, combining the industry-reach, unique strengths, experience and shared ambition of the two not-for-profit organisations.
Endorsed by The Transfers and Re-registration Industry Group (TRIG), it is delivering a cross-industry framework of good practice for improving consumer experience in moving their money from one financial institution to another.
STAR has collaborated with the industry to:
- Define the end-to-end processes required to complete a transfer;
- Specify good practice standards and timings for each process component;
- Measure, recognise and accredit performance excellence across the industry.
An initiative supported by government
With over 60 million* individual policies and accounts in the UK and the ongoing growth in transfers, the government is keen that the industry commits to the new standards and that firms participate in the scheme.
We, along with the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR), continue to support STAR’s aim and works. The framework STAR is implementing is aligned with our desired outcomes to improve the customer experience, reduce the time it takes to complete transfers and ensure consumers can move to a platform that better meets their needs.
In the coming years, industry standards will need to deliver these positive outcomes for consumers and support competition in the retail investment and pensions sectors. Given the importance of achieving these outcomes and the benefits of wide industry representation, we encourage firms in the retail investment and pension sectors not already involved in STAR to take part.
Show your commitment to good practice –
register for more information
All long-term savings and investments organisations are invited to participate in STAR. Please register your interest now for further information.
* Source: The Transfer and Re-registration Industry Group (TRIG) – Industry-wide framework for improving transfers and re-registrations, June 2018 Progress Update