This will give consumers - who are currently annuitising - the opportunity to review the wide-ranging changes with their advisers and make the best decision for their individual circumstances.
The following changes will apply with immediate effect:
1. Partnership will extend the guarantee period for accepting any annuity quotations currently within their guarantee period up to 11th April 2014. Customers will then have up to 25th April for funds to arrive within the guarantee period.
2. Partnership will extend the cooling off period up to 11th April 2014 for any acceptances received from the 3rd March 2014. For any acceptances received where the current 30 day cooling off period extends beyond the 11th April, the cooling off period remains the full 30 days from the date of acceptance.
Andrew Megson, Managing Director of Retirement, said:
“In yesterday’s budget, the Chancellor unveiled a series of changes that will have an impact on people’s choices at retirement. We believe that it is vital for people who are currently annuitising to have the opportunity to review what this means for them and then discuss this with their adviser before making their final decision.
The security and regular income offered by an enhanced annuity is still likely to be attractive to many. However, choice is important and we want to offer our customers the reassurance that they have fully explored all their options and found the right one for them.”
