Cancellation Rights For Drawdown
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How to fill out Notice Of Right Or Election To Cancel Written Contract Or Agreement?
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FAQ
A drawdown - also called a voucher - is a record of payments made for specific activities. There are two fund types that can be included in a voucher: program funds (grants) and program income. The amount for each activity and fund type makes up a separate line item on the voucher.
Contact the provider straight away. The Key Facts document will tell you how to exercise your right to cancel (usually you'll have to cancel in writing). It's important to keep a record of when you send your notification, as this is valid as long as it is dispatched before expiry of the cancellation.
You can ask to surrender the annuity. If you have owned the annuity for less than seven years or so, you may have to pay a surrender charge.
Pensions and annuities You'll typically be able to ?opt out? of any pension scheme within 30 days, and any contributions made should be refunded. In the case of annuities, you'll again get a 30-day cancellation period, provided the annuity isn't already in payment.
They'll get in touch with your existing provider to cancel the transfer. If your pension transfer is complete and we've already received the money, you have 30 days from the transfer closing to cancel this transfer.
