Friends adopts fast OMO system

Friends Provident has today gone live with a new system designed to speed up the payment of open market option transfer funds to annuity providers.

The new system, called Options, has been developed by pension and annuity providers and Origo, the e-commerce standards body, in conjunction with the ABI. It is designed to deliver faster turn-around times for customers transferring their pension benefits to annuity providers.
All OMO transfers for Friends Provident corporate pension and individual pension products will be covered by the new system.
Friends says adoption of the system means advisers will see 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 says: “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.”