26th March 2014
MGM Advantage has announced an extension to the cooling off period for annuities to 60 days.
Andrew Tully, pensions technical director, MGM Advantage said: “We need to give customers and their advisers the time to digest the Budget news and understand the best course of action. So it makes sense to extend the cooling off period for recent annuity purchases.”
In detail, the firm says it will extend the cancellation period to 60 days for all cases activated on or after the 18/2/2014. This effectively means that any customers within their cancellation period at the date of the Budget will be given an additional 30 days. Applications received after the 24/03/14 will revert to standard cancellation rights of 30 days.
The quote guarantee period of 45 days for enhanced annuities remains in place.