Annuity set up times tumble - Annuities - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Annuity set up times tumble

Annuity set up times tumble

Category: Annuities

Updated: 13/05/2009
First Published: 13/05/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The average time it takes to complete annuity transfers between providers has been cut to just eight calendar days.

Three months after the introduction of the Options initiative, annuities processed through the system are being set up on average three weeks earlier than previously.

Proclaiming the improvement very good news for annuity customers, Maggie Craig, the ABI's director of life and savings, added: "Options directly benefits the vast majority of customers who want to move between annuity providers.

"It makes the whole process significantly easier for customers and advisers, meaning policies will be set up much more quickly than ever before. We aim to make further enhancements to the system soon, including extending its operation to other forms of pensions transfer."

Fourteen pension and annuity providers are signed up and using the system at present: AEGON Scottish Equitable, AXA, Canada Life, Friends Provident, Just Retirement, Legal & General, LV=, MGM Advantage, Norwich Union, Partnership, Pearl Group (including Resolution), Prudential, Skandia and Standard Life.

Scottish Widows and Zurich are expected to go live shortly, with more likely to join as the service develops.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Want an annuity? Your provider will help you pick

Buying an annuity can be fraught with difficulty, but what if you still want a guaranteed income? The regulator is stepping in, so it should soon be easier to find the annuity that meets your needs – because your provider is going to help.

Annuity rates rally after tough few months

Good news for those seeking a secure income in retirement: our latest analysis has revealed that annuity rates are staging a mini revival after suffering from heavy falls in recent months, so you’ll now be able to get slightly more from your savings.

Secondary annuity market scrapped

The Government is cancelling plans for a secondary annuity market, citing concerns about consumer protection. Given there were fears that many could be ripped off – and that it wouldn’t be right for most – the decision has been largely welcomed.