Can I change or cancel my annuity once it's setup?

Published 18/03/2016 11.34 AM   |    Updated 28/03/2017 10.36 AM
No, not yet anyway. Once your annuity exceeds the 30 day cooling off period you will be unable to make any changes to the basis of the policy or even cancel it. This is why it is vitally important you have explored all your options with a financial adviser and are confident with the arrangement before it's setup. You can of course make adjustments to the death benefit nominee, bank account, phone numbers and address etc. outside the cooling off window. In March 2015 the government announced plans for annuitants to exchange their annuity for a lump sum via the secondary annuity market, these plans have since been delayed until 2017.

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