Delays could cost pensioners

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Around £10,000 could be lost by pensioners due to the time it takes to transfer money, it has been claimed.

Research carried out by Virgin Money suggests a 65-year-old man with an average pension pot could lose as much as £645 each month, with a three-month delay in an annuities transfer costing almost £2,000.

The average female with a typical plan could stand to lose around £1,800 over three-months through delays, which are normally caused by human and paperwork errors.

Scott Mowbray, a spokesperson for Virgin Money, claimed policy holders face a "genuine threat of losing thousands of pounds".

He added: "With a fixed annuity the income you receive is fixed for life so the losses from delays are also fixed for life."

Meanwhile, it has also been claimed employers should provide healthcare options for their staff.

Research by BUPA states there has been a 40 per cent rise in the amount of workers wanting health care cover.

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