Scottish Life has extended the use of Origo’s web-based Options tool to include pension transfers.
The move follows the introduction of Options for open market options (OMO) in July 2010.
The Options tool, which facilitates the exchange of information between providers, has seen average OMO processing times fall from an industry average of 31 to 11 days.
Isobel Langton, head of customer services at Scottish Life, said: “Using Origo’s Options reaffirms our ongoing commitment to continue to strengthen our service proposition.
“Options is a simplified transfer process which removes unnecessary paperwork and phone calls.
“In addition, money moves between providers more quickly, so the customer receives their pension commencement lump sum or annuity payments more quickly and there is less administration.
“We always aim to provide the best possible service to advisers and [employers]. So it is particularly pleasing we have achieved an 8.1 day average processing time for OMOs within just a few months of launching the service.”
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