TeX open transfers framework

The TeX open transfers framework comprises:

A standard legal agreement and a common service level governed by TISA Exchange

An open technical standard based on ISO 20022 (courtesy of the UK Funds Market Practice Group)

Multiple technology suppliers offering competitive but interoperable systems

Solution providers

There are currently four solution providers offering compliant systems. Each solution provider undertakes testing with the others to ensure that all participants in the market can successfully interoperate.

Financial services companies participating in open transfers are free to select any solution provider or to build their own solutions.

Scope

The open transfers framework supports the transfer of customer accounts including:

Pension transfers

A wide range of pensions including SIPP, SSAS, GPP, PP and occupational pensions

Cash transfers and in-specie transfers

Pre- and post-drawdown transfers

Full and partial transfers

ISA transfers

A wide range of ISA types including Stocks and Shares ISAs, Cash ISAs,

Lifetime ISAs and Junior ISAs (including transfers from CTFs)

Cash transfers and in-specie transfers

Partial transfers of only some of the assets or current/previous years only

General Investment Accounts

Accounts held in own name or nominee

The framework also supports the transfer (or re-registration) of assets within those portfolios including:

UK and offshore funds

Including, if necessary, conversion to a standard share class

Exchange traded assets

Including equities, ETFs and investment trusts

Other (typically less publicly traded) assets

Such as property, private equity, offshore bonds, cash deposits and discretionary investment accounts

Assets to be transferred may be held directly or via an intermediate unit holder such as an institutional funds platform, sub-custodian or broker.

Participation

The TeX open transfers framework has been adopted by over 300 pension providers, platforms, wealth managers and fund managers to process hundreds of thousands of transfers every year.