How long it takes to process your transfer out of Penfold depends on whether your new provider uses Origo's electronic transfer service.
We want to keep you informed about the usual time-frames for completing a transfer out of Penfold, so here they are:
Origo transfers are usually completed within 2 months
Non-Origo transfers may take up to 3 months or longer
If you’ve recently contributed to your Penfold pot and are awaiting tax relief to be allocated, the transfer-out process can be impacted. This is because we won’t be able to process your transfer out of Penfold until all contributions, including tax relief, have been added to your account.
We may need to carry out enhanced due diligence on your new provider, which can impact transfer time, this will depend on how quickly your new provider provides requested information.
As a pension provider, we’re required to carry out specific checks on transfer requests to protect our members’ pension pots. While we aim to complete transfers within 2 months, regulatory guidance allows up to six months to ensure all necessary checks are completed thoroughly. We understand timing can be important, so we always recommend allowing extra time if you have a specific deadline for a transfer.