It’s important to choose an annuity that is right for you. The options you choose at the outset can’t be changed once you’ve bought your annuity and it has no cash-in value at any time.
You can change your mind within 30 days from the date you sign the application form. If you cancel during the 30-day period, the funds will be returned to your original pension provider, however they are under no obligation to accept the funds. The refunded payments may be less than the amount paid to buy your retirement benefits if our annuity rates have changed.
If you exercise your right to cancel, the annuity provider will refund any payments to your previous provider or pension scheme only when any annuity payments already made and any tax-free cash lump sum you have taken have been returned.
You must also gain agreement from the transferring pension scheme that they are willing to accept the pension funds back. If the pension scheme will not accept this, we will then need to gain agreement from another insurance company to receive the funds.