ABI cuts annuity transfers to eight days

The ABI claims the scheme has helped cut the average time to transfer pension cash to an external annuity provider has been cut to just eight days. Prior to the launch of the Options initiative, transfers could take four weeks or more, meaning some consumers would have difficulty obtaining guaranteed annuity quotes. Options is built on Origo's IT systems, and is designed to speed up the exchange of information and funds between pension and annuity providers. The ABI expects to cut down average transfer times even further as the system is refined and more providers begin using it. "T...