The online system will enable advisers to see up-to-date information on the progress of clients’ pension to annuity transfers on screen, avoiding the need to make calls for updates.

Jon Scannell, head of annuity distribution, retirement and income at Standard Life said the tracker will allow the provider to improve its service to clients, in turn helping them to deliver a better service for their clients.

Anthony Rafferty, CEO of Origo, said the tracker can save both provider and advice firm time and money.

He said: “Our new Annuity Transfer Tracker can have a significant and immediate impact on time and resource savings for both provider and advice firm back-office staff.

“Using an API, the service is easily integrated with adviser platforms and software systems and can help providers reduce their costs to service while also improving performance and service to their advisers.”

Lifetime annuity rates climbed to more than 7% in June following steady increases since the start of the year.

The Standard Life Annuity Rate Tracker found that that the average annuity rate for a healthy 65-year-old reached 7.08% in June.

The Tracker, developed by Standard Life, part of Phoenix Group, monitors current average annuity rates across the market for those annuitising at ages 60, 65, and 70. It also shows the total lifetime income from an annuity and the extent to which annuity rates improve with age.