Partnership website
Annuity provider Partnership has decided to give consumers - who are currently annuitising - the opportunity to review the radical changes in the Budget with their advisers by extending its guarantee and cooling-off periods.
The Chancellor announced that retirees would be able to take all of their pension pot at once, should they wish in his speech on Wednesday.
He said the move was designed to give pensioners increased freedom and they should be trusted to decide how they want to use their money.
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Andrew Megson, Partnership's managing director of retirement, said the Budget changes will have an impact on people's choices at retirement.
He said: "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."
The following changes will apply with immediate effect:
• Partnership will extend the guarantee period for accepting any annuity quotations currently within their guarantee period up to 11 April 2014. Customers will then have up to 25 April for funds to arrive within the guarantee period.
• Partnership will extend the cooling off period up to 11 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 11 April, the cooling off period remains the full 30 days from the date of acceptance.
