Friends Provident goes live with Options

Friends Provident goes live with Options

Friends Provident has today gone live with Options, the system that has been designed to speed up the payment of Open Market Option (OMO) transfer amounts to annuity providers.

Options has been developed by the UK’s leading pension and annuity providers and Origo, the e-commerce standards body, in conjunction with the ABI (Association of British Insurers). It will deliver faster turn-around times for customers transferring their pension benefits to annuity providers.

From an end-to-end perspective the exchange of information electronically will significantly improve the speed and quality of communication between ‘Receiving’ and ‘Ceding’ (surrendering) providers. For advisers it will mean an end to lengthy transfer delays, and a significantly improved service for OMO transfer business between pension and annuity providers.

Martin Palmer, head of corporate pensions marketing at Friends Provident said:

“OMOs have grown significantly in popularity as consumers look to get the best deal available to them when it comes to purchasing an annuity. Friends Provident is committed to this industry led initiative to provide better services to customers.”

All OMO transfers for Friends Provident corporate pension and individual pension products will be covered

Comments are closed.