Changes to Cancellation Rights

26 November 2008

Following a review of our processes, cancellation rights will no longer apply to contributions received into a members pension plan.

As a result, this means that cancellation notices will no longer be issued following the receipt of an ad-hoc contribution or a direct debit instruction, and all cleared monies can be invested immediately, once all the necessary supporting documentation has been received.

The cancellation rights, for the product itself remain unaffected, and a plan can still be cancelled within 30 days of opening. Any monies received within this cancellation period would also be refunded at the same time, however where the monies have been invested the amount received back may be less if the value of the asset has fallen since investment.

These changes will take effect from 1st December this year and will apply to new business from this date as well new contributions to existing SIPPs.

If you have any further questions, please contact us.