Just Retirement says the average time taken to transfer money on purchase of an annuity has been reduced from 35 days to 12 with some being completed in less than seven days.
The provider says that this should reduce barriers to consumers and advisers shopping around for the best annuity deal on the open market.
Just Retirement marketing and distribution director David Cooper says: “The reduction in the time taken to transfer funds is of considerable benefit to customers and IFA’s alike.
“It was often the case that the cost of delays outweighed the value of the Open Market Option but with this system we are moving much closer to the point at which this concern is eliminated. Just Retirement is committed to working with the industry and through the ABI to continually deliver better service to IFAs and their clients.
“Increasingly, advisers will be able to ensure their clients get full benefit from their efforts and will be able to improve take-up of the Open Market Option across the board. There is still some way to go and, from our experience, we would strongly encourage all providers to support this initiative to the benefit of all our customers.”