View more on these topics

Project will bring benefits on annuities

Following a meeting between leading retirement advisers and provider representatives at the ABI, we are writing to support and endorse an industry initiative to reduce the time it takes to arrange an open market option annuity.

At present, it can take up to 10 weeks to set up a new annuity policy and, as a result, many customers lose out because their annuity payments are delayed and they may end up with reduced annuity if rates fall during this time.

To address this, the Open Market Pensions Transfer Service (Options) has been developed by the UK’s leading pension and annuity providers and Origo, in conjunction with the ABI. The aim is to deliver faster transfer turn-round times for customers using the open market option to set up annuities with another provider.

Options has 16 participants, representing 90 per cent plus of the UK annuity market and, at present, Aegon, Just Retirement, Legal & General, LV=, Partnership, Prudential and Standard Life are using the system. Other companies will go live soon, and we urge these firms to step up their efforts to go live on the service as soon as possible.

The ABI is in discussions with HM Revenue & Customs to agree a reduction in much of the bureaucracy surroun-ding an annuity purchase. We fully support this effort

Origo and the ABI are looking at ways to better communicate details of the Options service to advisers, and are encouraging all insurance companies to participate in this service. We fully support these efforts and would expect providers who are not involved to sign up, so that the initiative benefits all customers.

As professional advisers specialising in arranging open market annuity polices, we strongly support the Options project and encourage all insurance companies, the regulators and HMRC to work together to develop a more efficient service that will benefit customers when buying an annuity.

Stuart Bayliss,

Annuity Direct

Jacqueline Conroy,

Capita Hartshead

Sean McCabe,

Chartwell Annuity Centre

Nigel Callaghan,

Hargreaves Lansdown

Michael Slevin,

Kerr Henderson

Steve Hunt,

Rockingham Retirement

Malcolm Thomas,

The Annuity Portal

Nick Flynn,

The Retirement Adviser

Billy Burrows,

William Burrows Annuities


Health - thumbnail

Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm