Taken from the TUI site took all of 1 minute. No mention of waiting for a year. Even if you do take the holiday credit its Still covered by Atol
If your holiday can no longer go ahead as planned, you’ll receive a refund credit for the full value of your holiday, and we’ll give you a separate booking incentive up to 20%. We understand that you may not be ready to book again just yet, so the refund credit gives you the flexibility to book your travel in future. Plus, if your original booking was for a package holiday, you’ll get a separate booking incentive up to 20%. If you were due to travel before 16 April your refund credit will be automatically emailed to you by 1 May 2020 and if you were due to travel after 16 April you’ll receive it four weeks of your departure date.
Also, if your original booking was part of a package, your refund credit will carry the same ATOL protection. You can therefore be confident that you have financial security.
You can read the refund credit and separate booking incentive terms and conditions here.
• If you’re unable to accept a refund credit you can apply for a refund; however, we’re only able to process a refund for you once you have received your refund credit. You will need to contact our dedicated team using the details below, please be aware that our call centre teams are incredibly busy, so call waiting times are considerably longer than usual. And, please don’t call if you haven’t received your refund credit yet as our teams won’t be able to process your refund. You can call 0203 451 2868 between 9am and 7pm from Monday to Friday.