UK: Faster Pension Annuity transfers times promised

An increasing number of pension providers have been joining a scheme which ensures that waiting times for transfers is reduced. So far the scheme has seen transfer times drop by nearly one third. At the end of 2009 there were 16 insurers on board the “options” scheme, which equates to 94% of UK insurers, according to the Association of British Insurers (ABI). The initiative was launched early in 2009 and was designed to speed up annuity transfer times, which can be frustrating for annuitants and providers.

One case we noted saw one poor annuitant wait an exasperating two years for the funds to be transferred...

Annuity Rates (UK): Faster Pension Annuity transfers times promised