The Origo Options initiative, backed by a number of providers, has cut annuity transfer times at retirement by around two thirds.
Backed by 17 providers and the ABI, the Options service focuses on process improvement and an industry-wide data exchange for Open Market Option transfers.
Participating providers, including Just Retirement, have seen the average time taken to transfer money on purchase of an annuity "reduced significantly".
According to Just Retirement, the average time taken has been cut from 35 to 12 days, with some transfers now being completed within seven days.
Recent research conducted by Just Retirement found 39% of advisers cited a simplified administration process as a driver for writing more annuity business.
Just Retirement believes Options is helping to deliver this improvement and the way is open for more clients to get more out of their pension pots.
"The reduction in the time taken to transfer funds is of considerable benefit to customers and IFAs alike," says David Cooper, marketing and distribution director of Just Retirement.
"It was often the case that the cost of delays outweighed the value of the Open Market Option (OMO) but with this system we are moving much closer to the point at which this concern is eliminated."
He believes advisers will increasingly be able to improve take-up of the OMO 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," adds Cooper.IFAonline
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