Friends Provident has joined the ABI's Options scheme, which aims to speed up the open market option (OMO) transfer process.
The insurer goes live with Options today, giving a faster turnaround for pension customers transferring their benefits to an external annuity provider.
Options, developed by Origo in conjunction with the ABI, uses electronic processes improve the quality and efficiency of communication between receiving and ceding providers.
Advisers will benefit from faster transfers, meaning their clients are more likely to achieve an annuity quotation before it expires.
Martin Palmer, head of pensions marketing at Friends Provident, says: "OMOs have grown significantly in popularity as consumers look to get the best deal available to them when it comes to purchasing an annuity.
"Friends Provident is committed to this industry led initiative to provide better services to customers."
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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