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Steady progress continues with options initiative with service extended to pension transfers

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."

Last updated 01/07/2016