Fixed term annuity without the fixed term?
14 May 2012 | LV= News
We are pleased to announce that with effect from 14 May 2012, an innovative new feature has been added to our market-leading Protected Retirement Plan.
From this date all of our customers, both new and existing, will benefit from the ability to get a transfer value should their life circumstances change. They can choose to transfer to another product with LV= or any other registered pension scheme.
A change of circumstances includes:
- Your client or their spouse/civil partner or financial dependent becoming eligible for an enhanced annuity
- Divorce/dissolution of civil partnership
- Marriage/civil partnership
- Your customer is retired by their pension scheme due to ill health
- Your customer qualifies for flexible drawdown
- The death of spouse/civil partner or financial dependent
Life isn’t always that straightforward…
In 2010, nearly 15,000 people in the UK over the age of 60 got divorced*, and nearly one-quarter of all people experience ill health within the first 5 years of retirement**.
This new feature is designed to give advisers more choice for their clients, allowing them to benefit from better returns in the longer term and flexibility to potentially change their plan as circumstances in their life change.
If you would like more information about our Protected Retirement Plan and the breathing space that it can offer your clients, please contact your local LV= sales office:
Midlands and South West:
0800 678 1680
North:
0800 678 1682
South East:
0800 678 1681
Or call our central quotes team on 0800 169 1111, or email them at annuity.quotes@LV.com
Lines are open 8.30am – 5.30pm Monday to Friday. For textphone dial 18001 first.
We may record and/or monitor your calls for training and audit purposes.
Sources:
*ONS, 2010
** LV= State of Retirement Report, 2010
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