Friends Prov joins OMO scheme

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 lo...