The recent pension reforms have seen significant increases in long-term savings and investment transfers and re-registrations. Currently, industry systems and processes are not consistent – the timeframes involved in making transfers vary greatly between providers. This is less than ideal for consumers and time-consuming for providers, increasing their administrative costs.

The introduction of STAR – shaping recognised, industry-wide standards to promote good practice in transfers – will be welcomed by government, consumers and responsible providers alike.

Introducing STAR

STAR has been created as 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 will deliver a cross-industry framework of good practice for improving consumer experience in moving their money from one financial institution to another.

STAR’s remit is to:

  • Define the processes covered by the framework
  • Specify good practice targets from each of those processes
  • Measure performance against targets across the industry

Good for you. Good for consumers.

There are many reasons for your organisation to sign up for STAR…

  • You’ll have your say when it comes to defining good practice in transfers
  • It demonstrates your commitment to best transfer practice in the eyes of both consumers and industry stakeholders
  • It provides a showcase for highlighting outstanding performance

Participating firms will also benefit from greater certainty when dealing with other providers, leading to fewer queries and reduced administration costs. In addition, consumers will benefit from knowing their provider is part of the STAR scheme, and they can expect better communication, universal standards, continuous improvement and improved transparency.

These organisations have already committed their support in principal to STAR. Why not join them?

Aegon, AJ Bell, Aviva, B&CE (The People's Pension), Barclays, Barnett Waddingham, BNY Mellon | Pershing, Brewin Dolphin, Capita, DST Funds, Dunstan Thomas, Embark Group, Equiniti, Fidelity, FNZ, Fusion Wealth, Hargreaves Lansdown, Hodge Lifetime, Interactive Investor, Invesco, James Hay, Janus Henderson, JP Morgan, Legal & General, LV=, Mercer, NEST Corporation, Now: Pensions, Nucleus, Nutmeg, Old Mutual Wealth, Parmenion, Pershing, Phoenix Group, Prudential, RBS Group, ReAssure, Royal London, Salvus Master Trust, Scottish Widows, Seven Investment Management, Smart Pension, Sovereign Pension Services (UK) Limited, Standard Life Aberdeen, Transact, Vanguard, Wealth Design Limited, Wealthtime, Willis Towers Watson, XPS Pensions Group, Zurich

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.

I welcome this initiative and the progress made so far in speeding up transfers. For many members, moving money is straightforward but for some others, it’s far from effective and I’d urge firms to commit to the TRIG framework.

Guy Opperman Minister for Pensions and Financial Inclusion

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 – we’ll send you more information about joining.

Register your interest

STAR is endorsed and recommended by these TRIG organisations:

  • The Association of British Insurers
  • The Association of Member Directed Pension Schemes
  • The Investment Association
  • The Pensions Administration Standards Association
  • The Pensions and Lifetime Savings Association
  • The Personal Investment Management & Financial Advice Association
  • The Society of Pension Professionals
  • TISA
  • UK Finance
  • The UK Platform Group

*Source: The Transfer and Re-registration Industry Group (TRIG) – Industry-wide framework for improving transfers and re-registrations, June 2018 Progress Update