Nucleus, the IFA-owned and controlled wrap proposition, has become the first wrap platform to join Options, the insurance industry’s initiative to transform the speed of annuity and pension transfers.
Options – the Open Market Pension Transfer Service – was launched in October 2008 to provide an online system that enables information to be transferred between providers electronically rather than via post, to cut transfer times.
The initiative will allow Nucleus IFA members to speed up pension and annuity transfer times for their clients. Since launch the average time taken to transfer funds and information between providers has fallen to 11 calendar days from a previous industry average of 31 days for Open Market Option transfers, and to 10 days from an industry average of 36 days for pension transfers (source: ABI*).
Commenting on the initiative, Business Development Director at Nucleus, Barry Neilson said:
“The pension transfer process has traditionally been a prolonged affair leaving clients waiting for weeks, even months, for their retirement income once a new pensions or annuity provider has been sourced. This initiative will enable IFA user-members to secure the maximum retirement income possible for clients with the minimum transfer time – a huge benefit for all concerned.
“Nucleus has led the debate around the free movement of assets between platforms and this new initiative is consistent with that. As a business we are committed to providing advisers and their clients with the best and most efficient service available and signing up to the Options initiative is part of this commitment.”