You probably know by now that George Osborne announced huge changes to the rules governing annuities in last week's Budget.
If you're about to retire, don't rush out and buy an annuity now. You need to think about the best approach for you now that the new rules give you more freedom.
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| Aviva | 30 days from the date the application was signed | Now 30 days from when the policy has been set up instead of when the application was signed |
| Canada Life | 30 days after policy document issued | No change |
| Hodge Lifetime | 30 days from the date the application was signed | No change |
| Just Retirement | 30 days from date the client received their right to cancel (issued with application form) | No change |
| Legal & General | 30 days from the date the application was signed | No change |
| LV= | 30 days from the date LV= receive the completed application | Extended to 60 days from the date LV= receive the completed application this is for customers currently within their existing 30 day cancellation period and for new customers who apply for an annuity in the next month |
| MGM Advantage | 30 days after policy document issued | Extended to 60 days after policy document issued |
| Partnership | 30 days after they receive a confirmation letter (posted to the client when Partnership processes the application) | Extended to 11 April 2014 (if current cancellation rights were beyond 11 April then the standard 30 days still applies.) |
| Prudential | 30 days from when they receive their first Prudential quote | No change |
| Standard Life | 30 days after policy document issued | No change |
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