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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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.