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Bureau calls for standard annuity application form

A standardised annuity application form would speed up processes and improve inc-omes for pensioners, according to the Annuity Bureau.

It says advisers should be able to easily set up an annuity for their clients with two or three months notice but the variation of process by different providers is causing delays.

Managing director Andy Oliver says “It is a case of having to decide whether it is better to let your client take a lesser annuity rate or to advise them to start the application process all over again. What we need is an industry-wide agreement where there is one standard form for every annuity application processed.”

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