Cooling Off period for Top Ups

MikeM

Hi
Can anyone point me in the direction of the regulation which provides for a cooling of period/right of cancellation for a top up to an existing pension contract? This is where the customer has second thoughts about making a top up to their existing policy and only wishes to cancel the top up and get their money back.

benjaminfabi

COBS 15.2

MikeM

@benjaminfabi
Thanks, that was the first place I looked but COBS 15.2 only covers cancellation of entire contracts.

benjaminfabi

Yeah I'm not sure a topup has a right to cancel. There is an exemption section later in COBS 15, but I'd go direct to the provider and ask them

Steven_McBurnie

Believe it depends on the provider however this is a good summary from Aegon:-

https://www.aegon.co.uk/support/faq/pension-technical/Refunding-excess-personal-contributions.html

MikeM

Thanks guys, your feedback was very helpful