LV Protected Retirement Plan

Why you might want to take out our Protected Retirement Plan

Our Protected Retirement Plan is a fixed term retirement product that you can buy with your pension fund.

If you don’t want to use your pension fund to buy an annuity immediately on retirement, you could consider investing in our Protected Retirement Plan.

You can then have another look at your retirement needs and when you've made a decision, you can use the guaranteed maturity value to buy an annuity, transfer to another drawdown pension arrangement or invest in another Protected Retirement Plan, if you're eligible.

Read the information below to find out more of the important things you should know about our Protected Retirement Plan.

Product features

To take our Protected Retirement Plan you must be aged 55 or over. Your dependent needs to be at least aged 40 when the plan starts if a dependent's income is included.
The term can be between 3 and 25 years.
There is no maximum age for buying our Protected Retirement plan.
You can choose to take a level income, an increasing income (up to 8.5% a year) or no income at all. If you choose a level income, or an income that increases each year less than inflation, your income may not keep up with the rising prices.
You can choose to receive your income monthly, quarterly, half-yearly or yearly. The first income payment can be paid either as soon as the plan starts (known as in advance) or at the end of the payment period (known as in arrears).
The minimum investment is £10,000 (after any tax-free cash has been taken).

Important information

Once it starts, you can't usually change the basis of your plan or cash it in at any time.
We only accept funds from registered pension schemes - you can invest part or your entire pension fund in a Protected Retirement Plan.
If you choose capped draw down we may have to reduce your income and any dependents' income because of applying the GAD maximum income limit. If we do this we'll pay the difference between the full income and the restricted income, plus interest, when the plan ends. If you choose flexible draw down the maximum income limit doesn't apply.
How much tax you pay depends on your personal circumstances. For details of how your plan will be taxed, please see the key features document. Ask your financial adviser for a copy of this.
Any references we make to taxation are based on our understanding of current legislation and HM Revenue and Customs practice, which can change. If the government changes the tax treatment of this plan, the income paid to you may fall.

Below is some more useful information about our Protected Retirement Plan that will help you in your decision.

This product provides you with a fixed income for a specified period. At the end of that time, if you're still alive, a guaranteed lump sum will be paid.
At the start of the plan you can choose an income for a specified period as well as a choice of death benefits. A guaranteed maturity value, which is a lump sum payment, will be paid at the end of the chosen length of the plan.
You can then have another look at your retirement needs and use the guaranteed maturity value to buy an annuity, transfer to another drawdown pension arrangement or invest in another Protected Retirement Plan, if you're eligible.
There is also a range of death benefit options available if you don't survive until the end of the plan.

To help you decide if this product is right for you read about the plan options or the Protected Retirement Plan.

We offer a range of the protection, pension, annuity and investment products from the Liverpool Victoria group of companies. We also offer annuities and investments from a limited number of other companies.

You can phone us
Call our UK-based advisers for more information or a quote

0800 756 8083
Textphone: 18001 0800 756 8083

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