One of the leading pension annuity providers in the UK, Just Retirement have revealed that their average annuity waiting time has fallen from 32 days to 23 days. This impressive fall will delight customers who will now have a shorter wait between the application and completion of an annuity. Not content with these gains, the company say they are aiming for further improvements, with a waiting time of just 21 days.
Pam Day who heads up the customer service division at the company said that the faster times represent a ..”…commitment to treating customers fairly. The 30 per cent fall means that customers are getting their retirement income that much faster which, in today’s uncertain world, has to be a real benefit.” Day went on to add that the company prided itself on high levels of customer service and would not be ‘resting on it’s laurels‘.
The company achieved the reduction in waiting times through a number of initiatives including ringing IFA’s to check the application was completed 100% correctly. The company also took on additional staff and chased fund transfers at an earlier point in the processing cycle.
Once an annuity has been purchased the annuitant will be anxious that it is completed as soon as possible – not least because they will want to access the 25% tax-free lump sum. In the past some providers have been guilty of long transfer times for funds, although the average time has come down in recent years.
