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Pension transfer scheme makes progress

Pension transfer scheme makes progress

Category: Pensions

Updated: 04/12/2009
First Published: 02/12/2009

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 It is now over 6 months old so the content may be out of date.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 transfer a pension from one provider to another has remained at 11 days, according to the latest data from the Association of British Insurers (ABI).

Although the figure for the third quarter of the year is unchanged on that reported in Q2, the ABI said that an increased volume of transactions showed that its Options initiative continued to make progress.

MGM Advantage, Prudential and Skandia were found to take the least time to complete annuity transfers, while Phoenix, Pearl and NPI were the slowest.

Guardian and AEGON were the quickest in terms of pension to pension transfers.

"The initiative is making a real difference to annuity transfer times," said Richard Eagling, editor of Investment Life & Pensions Moneyfacts.

"As more providers jump on board, the days when companies dragged their heels should soon be at an end."

Fifteen companies are currently signed up and using Options for open market option annuity transfers: AEGON, Aviva, AXA, Canada Life, Co-operative Financial Services, Friends Provident, Just Retirement, Legal & General, LV=, MGM Advantage, Partnership, Pearl Group, Prudential, Skandia and Standard Life.

Since August, the scheme has been extended to include pension-to-pension transfers, with eight providers using the service: AEGON, Aviva, Legal & General, LV=, MetLife, Prudential, Skandia and Standard Life.

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