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Options average transfer time remains 11 days

The average transfer time using the Association of British Insurers’ Options system remained 11 calendar days in the third quarter of 2009.

The number of transactions going through Options for open market option and immediate vesting personal pensions transfers increased to 10,879 over the period.

Fifteen companies – Aegon, Aviva, Axa, Canada Life, Cooperative Financial Services, Friends Provident, Just Retirement, Legal & General, LV=, MGM Advantage, Partnership, Pearl Group, Prudential, Skandia and Standard Life – are now using Options for Omo and IVPP transfers.

Meanwhile, eight companies – Aegon, Aviva, Legal & General, LV=, Metlife, Prudential, Skandia and Standard Life – have gone live with the pension-to-pension transfer service, launched on August 24.

The initial average weighted performance for pension-to-pension transfers was 10.2 days with 633 transactions carried out between launch and the end of September.

Acting director general Maggie Craig says: “The latest Options data shows that performance remains steady, with even more transactions going through the system both on annuity and pension-to-pension transfers.

“Although the headline figure remains at 11 days, the increased volume of transactions shows the continuing progress being made by providers on Omo and pension transfers.

“Options proves the industry’s commitment to deliver excellent service to its pension customers. More companies are going live with Options each month as the initiative’s strong performance continues, and we expect to announce further joiners shortly.”
 

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