Can I change my mind?
Once you have joined a particular personal pension, you have 14 days to cancel your new pension if you change your mind. This is called a ‘cooling-off’ period and gives you a chance to think about your choice. But if you are transferring your entitlement from a past employer’s scheme to a personal pension, there is no cooling-off period once you have made the transfer. You should take time to think it through properly before you make a final decision.
What if I drop out?
Around a third of people who buy personal pensions stop paying into them within three years. Dropping out like this can mean that you lose a lot of the money you’ve already paid in. Before you buy a pension, you need to be sure that it is the right one for you. Find out what would happen if you could not carry on making payments, and how much it would cost if you wanted to move to a different scheme.
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