Annuity transfer target to cost pensioners

The firm warns the ABI’s 30-day target for converting pension funds into annuities is a welcome start, but does not go far enough, following FSA research which criticised delays. It is urging companies to complete transfers faster. "The financial services industry should be doing everything possible to make the transfer process as smooth as possible so customers receive the best possible payout. The risk of losing thousands of pounds is a genuine threat," a Virgin Money spokeman says. The FTSE 100 has lost approximately 40% of its value since October 29th last year, substantially incre...