Average pension transfer times have increased, according to the ABI's latest Options performance data.
The association stresses its initiatives have helped bring down overall transfer times, but says delays are inevitable in some situations. Pensions transfers for ABI members participating in the Options programme took an average of 11 days during Q2 2009. This is up from just eight days in the previous quarter. However, average transfers during 2008 took 31 days, and the ABI says its figures show the scheme has been successful. Maggie Craig, director of life and savings at the ABI, says: "Although there has been a slight increase in the average transfer time from Q1 2009, this sho...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes