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Options firms slash transfer turn-round to just 12 days

Product providers which have signed up for the Association of British Insurers’ open market options’ initiative have reduced the average time to complete a transfer to 12 days.

The initial target turn-round time when the project was launched at the end of last year was 30 days.

Legal & General is one of the providers that is using the new transfer system that has been developed with Origo.

L&G believes the universal declaration could reduce transfer times even further. A universal declaration is a standardised electronic transfer form which will remove the need for the client to sign a transfer discharge form.

Head of annuity product development Tim Gosden says IFAs have welcomed the ABI initiative.

He says future phases are planned for the middle of 2009 which will include the expansion of the product range from Omo and immediate vesting personal pensions to include Sipp and income drawdown. The service will also be developed to include pensions to pensions transfers.

Gosden says: “The improvements in pension transfer turn-round times mean more transfers are being completed within the annuity quote guarantee period which reduces the administration burden for IFAs in terms of tracking the progress of their customer cases.”

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