Pension provider and insurance company Prudential have launched a new online system for the application of annuities. This replaces the old system of using paper to take annuitants through the application process. Jonathan Akerman from Pru commented that the new system overcame problems such as waiting for post and transfer annuity times, with have plagued the industry in the past. The new system is also a real-time process, that cuts out the need for sending out and receiving items in the post from annuitants.
It will also have the ability to verify new clients and their bank details, as well as their postcode, reducing the chance of a mistake being made.Financial adviser Carl Lamb from Almary Green Investments praised the new online system saying that if he were to recommend Prudential as a provider for a client, the new process would be quicker. In general. the quicker an application for a pension annuity can be made, the better it is for the annuitant.
