The time taken by pension plan providers to transfer funds has held steady, the Association of British Insurers (ABI) has suggested.
Figures from the industry group’s Options initiative suggest that transferring a pension pot between participating firms took an average of 11 days over the third quarter of 2009.
This is the same as the average for quarter two.
Pension transfers are commonly made after a retiree activates their Open Market Option (OMO) – a function that allows savers to transfer their pension pot to a new provider when they buy an annuity.
Retirement income can be boosted by up to 20 per cent in this way.
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."
Apart from using their OMO, retirees can boost their income by taking out a home reversion plan.
Posted by Claire Ford
