MGM Advantage extends cooling off period for annuities
MGM Advantage has announced an extension to the cooling off period for annuities, following the recent Budget announcement.
They have extended the cancellation period to 60 days for all cases activated on or after the 18/2/2014. This effectively means that any customers within their cancellation period at the date of the Budget will be given an additional 30 days. Applications received after the 24/03/14 will revert to standard cancellation rights of 30 days.
Andrew Tully, Pensions Technical Director, MGM Advantage said:
"We need to give customers and their advisers the time to digest the Budget news and understand the best course of action. So it makes sense to extend the cooling off period for recent annuity purchases."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn
Vida
Vida launches high LTV 'Pathway' mortgage range
