The ABI has today published the latest performance data for the Options pension transfer initiative. Options – built to speed up the exchange of information and funds between pension and annuity providers – delivered an average transfer time of 11 calendar days in Q3 2009, the same as for Q2 2009.

 

Options recently won a prestigious Innovation in Business Improvement award from Scottish Financial Enterprise for its developer, leading e-commerce provider Origo. The number of transactions now going through Options for Open Market Option (OMO) and Immediate Vesting Personal Pensions (IVPP) transfers has increased, with 10,879 in Q3 2009. 15 companies are now using Options for OMO and IVPP transfers, with a further eight now live for the pension-to-pension transfer service launched in August. More providers are expected to join both parts in due course.

 

Maggie Craig, the ABI’s acting Director General, said:

 

“The latest Options data shows that performance remains steady, with even more transactions going through the system both on annuity and pension-to-pension transfers. Although the headline figure remains at 11 days, the increased volume of transactions shows the continuing progress being made by providers on OMO and pension transfers.

 

“Options proves the industry’s commitment to deliver excellent service to its pension customers. More companies are going live with Options each month as the initiative’s strong performance continues, and we expect to announce further joiners shortly.”

Notes

1.    Enquiries to:

Jonathan French            020 7216 7392 (Mobile: 07958 330 480)

Malcolm Tarling             020 7216 7410 (Mobile: 07776 147 667)

Erfan Hussain                020 7216 7411 (Mobile: 07712 841 184)

Kelly Ostler-Coyle          020 7216 7415 (Mobile: 07968 364 302)

 

2.    The Q3 2009 performance report shows that 10,879 OMO and IVPP transfers were processed between 1 July and 30 September 2009, with an average weighted transfer time of 11.4 calendar days.

 

3.    The full Options Performance Report for Q3 2009 is available on the ABI web site, www.abi.org.uk.  The 15 providers using Options for OMO and IVPP transfers are AEGON, Aviva, AXA, Canada Life, Cooperative Financial Services, Friends Provident, Just Retirement, Legal & General, LV=, MGM Advantage, Partnership, Pearl Group, Prudential, Skandia and Standard Life. Further details are available at www.origoservices.com/optionsproviders.

 

4.    The eight companies who are now live with the Options pension-to-pension transfer service, launched on 24 August 2009, are AEGON, Aviva, Legal & General, LV=, MetLife, Prudential, Skandia and Standard Life. The initial average weighted performance for pension-to-pension transfers was 10.2 days with 633 transactions carried out in the relevant period, 24 August – 30 September 2009.

 

5.    The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

 

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