Standard Life has defended its decision to guarantee annuity quotes on its internal policies for just one day.
The firm had come under fire from independent financial advisers for guaranteeing annuity quotes for existing pension customers for just one day - as opposed to the 14 day guarantee offered by most other providers.
However Standard Life defended its decision.
Standard Life head of pensions policy John Lawson said: "For an internal policy, we already have the money, as it does not need to be taken from another provider, and it only takes us one day to process."
He added: "Although we may not be offering the same time period as the rest of the market, we have good reasons, such as the ability to provide it in a day; other industry players may not be able to do this."
The criticism against Standard Life comes after it agreed to compensate around 97,000 customers who lost out when its Pension Sterling Fund fell by 4.8% in January.Professional Pensions
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September