Annuity providers told 'improve service'

The panel, made up of members of the pensions industry, says providers must especially speed up fund transfer times and examine how they explain annuity options to consumers approaching retirement. The panel highlights clients often wait up to 10 weeks to receive their pension although the ABI Pension Maturities Statement of Good Practice says “after payment of tax free cash where appropriate, pension funds should be sent to external Annuity providers within 14 days of selected retirement date.” Panel member Helen White, assistant director of the Association of British Insurers (ABI), say...