Standard Life welcomes ABI led annuity improvement service

Standard Life has welcomed the move by the ABI (Association of British Insurers) to develop an industry wide annuity transfer service.

The service aims to improve the transfer times when a customer decides to move their pension between providers at retirement using the Open Market Option (OMO).

Ronnie Collard, Customer Service Director, Standard Life said: "We are delighted to be part of this industry led initiative to speed up transfer times between providers. Customers have had to endure slow transfer times for too long, leading to inevitable frustration and negative views of the industry.

"Our customer service team makes enormous effort to ensure that we treat customers fairly, both in the manner in which we communicate and in the speed with which we deal with requests. We have looked at how we can provide a better service by removing some of the barriers to efficiency, for example removing the need to complete discharge forms. This has reduced our turnaround times for setting up an annuity to within five working days, whether that is via an OMO or staying with Standard Life.

"The combination of an industry wide system for transfers, coupled with the adoption of the ABI template wording for ‘wake up' letters will help promote the OMO, which can only provide better value and a better experience for customers."