A list of the worst offenders for delayed annuity transfer has been released by the Annuities Clearing House (ACH), with Windsor Life and Phoenix topping the bill.
Major life insurers are taking more than 50 days to transfer pension money for customers exercising the open market option (OMO) on annuities. Research from the Annuities Clearing House reveals the best and worst providers for annuity transfer times, with many taking a month or more to make funds available for annuity purchase. Windsor Life Assurance and Phoenix both took the longest to transfer funds for OMO customers, with an average of 51 days needed to provide cash for annuity purchase. Zurich Assurance was found to provide the quickest service, with average transfers of just 1...
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