Annuity provider Partnership has extended its annuity guarantee and cooling-off periods in response to Wednesday's Budget, which announced sweeping reforms for the annuity market.
Partnership's customers who are currently mulling over accepting an annuity offer will now have until 25th April for funds to arrive within the guarantee period.
Those that have already accepted an offer after 3 March will now have until 11 April to change their mind if they wish. This extends the usual 30 day period by a week.
The Chancellor announced a number of changes at this year's Budget speech, which will open up the retirement market to give everyone more choice and effectively make people responsible for their own money.
People who previously had little choice other than taking an annuity as their retirement option may opt out of doing so in future.
Partnership managing director of retirement Andrew Megson said: "We believe that it is vital for people who are currently annuitising to have the opportunity to review what this means for them and then discuss this with their adviser before making their final decision.
"The security and regular income offered by an enhanced annuity is still likely to be attractive to many. However, choice is important and we want to offer our customers the reassurance that they have fully explored all their options and found the right one for them."
The government also announced it will put together a guidance guarantee scheme for retirees, meaning they will have guaranteed access to financial guidance at point of retirement.
But advisers said they were nervous about who would be carrying out the 'impartial' advice and whether it would be truly impartial if it was given by those outside the regulated financial advice space.
Read our deputy editor's blog on what the changes mean for the annuity market HERE.
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