The Association of British Insurers (ABI) has announced an initiative designed to reduce the time taken to make Open Market Option (OMO) payments to pensioners. The scheme includes creating an electronic information exchange which will, apparently anyway, reduce the time taken to switch annuity providers.
Are they implying that delays of months are currently caused by a lack of efficient technology? I suspect they’re actually caused by a lack of motivation to solve the problem. In fact, 30 days still seems like quite a long time doesn’t it? Just shows you how low the bar was set initially.
I suppose we’ll have to wait and see what effect this initiative has once we’ve given it time to work.