Commonplace Life has added Origo’s annuity switch tracker to allow advisers to see the standing of pension to annuity transfers.
The net system will allow advisers to see up-to-date data on the progress of purchasers’ pension to annuity transfers on display screen, avoiding the necessity to make requires updates.
Jon Scannell, head of annuity distribution, retirement and earnings at Commonplace Life mentioned the tracker will permit the supplier to enhance its service to purchasers, in flip serving to them to ship a greater service for his or her purchasers.
Anthony Rafferty, CEO of Origo, mentioned the tracker can save each supplier and recommendation agency money and time.
He mentioned: “Our new Annuity Switch Tracker can have a major and instant influence on time and useful resource financial savings for each supplier and recommendation agency back-office employees.
“Utilizing an API, the service is definitely built-in with adviser platforms and software program methods and may help suppliers cut back their prices to service whereas additionally enhancing efficiency and repair to their advisers.”
Lifetime annuity charges climbed to greater than 7% in June following regular will increase for the reason that begin of the yr.
The Commonplace Life Annuity Price Tracker discovered that that the common annuity price for a wholesome 65-year-old reached 7.08% in June.
The Tracker, developed by Commonplace Life, a part of Phoenix Group, displays present common annuity charges throughout the marketplace for these annuitising at ages 60, 65, and 70. It additionally reveals the overall lifetime earnings from an annuity and the extent to which annuity charges enhance with age.
