Cooling Off period for Top Ups
MikeM
Member
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.
Comments
COBS 15.2
@benjaminfabi
Thanks, that was the first place I looked but COBS 15.2 only covers cancellation of entire contracts.
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
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
Thanks guys, your feedback was very helpful