Annuitisation delays 'hurts pensioner income'

Despite industry initiatives to speed up the process, there are still poor performers, the financial services firm says. The worst offenders are delaying transfer times by as much as 51 days or 10 working weeks, according to calculations by Virgin Money. At the best rates for a 65-year-old, this wait comes at a cost of almost £1,400 for a man and £1,290 for a woman. Every week's delay costs a man £138 a week in income and £129 for a woman. Virgin Money warns slow transfer times are a "genuine threat" to a pensioner's payout, particularly when the risk from delays is compounded b...