Pension Providers Focus On Standards

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According to a panel of experts, pension providers should put renewed focus on service standards if they are to avoid government regulation.  The Association of British Insurers say they have had statements of good practice for some time, but they are voluntary and can’t force people to adopt them.  However, if people don’t do it voluntarily, they could be forced, as the Government will look to regulate.  

Nick Flynn, head of Retirement Services at Origen believes there should be more rigorous service standards in place for receipt of information, especially when it comes to pension transfers.  Prudential’s Business Development Director – Retirement Income, Aston Goodey highlighted the need to name and shame providers who provide poor levels of service.  

Our view

We stand by the fact the pension companies do not treat customers fairly.  Why is it that it can take up to three weeks to obtain an annuity quotation for an existing client of the pension company but when it is a new client asking for an annuity quotation by transferring their pension money in from another company, the quotation is done within an hour.

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