ViaNova facilitates sub-£1 cash pension transfers.

ViaNova has long shown how it’s standards allow for affordable interoperability between administrators and fund managers for trading - cash pension transfers are no different. At low volume, providers would expect to pay in the region of a few pounds, however this falls to below £1 per transfer at scale, and for a provider with their own SWIFT connection their fees could be as little as £0.10 for a transfer in and £0.20 for a transfer out.

For many years, the high unit cost of proprietary transfer solutions has acted as a practical barrier to transferring smaller pension pots in particular, where transaction costs could easily eclipse the value of the transfer itself. A £15 transfer fee on a £100 pot is not a marginal inconvenience but a significant cost that will ultimately be passed on to members.

The flexibility of open and free to use standards like ViaNova's fundamentally change the economics of pension automation.