More evidence that pensioners are being robbed

I mentioned administrative delays in pensions transfers in a previous post:

Insurers create administrative delays to make it harder to shop around. In fact the FSA is investigating allegations that insurers are delaying transfer of funds when policyholders want to transfer to another provider for their annuity.

Now Virgin Money, ever the customer champion(?), has done some research on the matter.  According to Virgin a fall in annuity rates of 0.5% could cost £10,000 over a 20 year period if the delay was just 3 months.  It really is time to act.


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