The financial services industry regulator, the Financial Services Authority (FSA), is planning to introduce new rules that give people a cooling off period where a policy can be cancelled.
Currently, if you purchase your pension income with the same company that you have saved your pension fund with then you do not have an automatic right to change your mind. The right to change you mind only exists where you exercise your right to an open market option i.e. you have built your pension fund up with one company and choose then to transfer this to another company to pay you the income.
This is a good move in our opinion and offers extra protection for you the consumer.
What is Income Drawdown? Visit the Pensions Adviser.com.
What options do I have at retirement?
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