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LV= creates Britains first online regulated retirement advice service

Press release: 13/07/2015

  • LV= launches first online regulated advice service
  • The online service seeks to close the retirement advice gap
  • Pension savers can choose to talk to a qualified adviser during the process
  • Pension savers are recommended income solutions from across the market

Retirement specialist LV= is launching the first online regulated advice service for the retirement income market. The service called Clear Online Retirement Advice (CORA) aims to close the advice gap; helping “middle Britain” make the most of retirement savings they have spent a lifetime building up.

LV= has created the online service in order to make advice more accessible and cost effective. In response to consumer research, to make the experience feel more human it includes online video content designed to engage and educate people in bite sized steps, as well as access to advisers whenever help is needed. LV=’s tool has a number of innovative features that it believes can also be used in more traditional advice processes to bring additional efficiencies and make advice more accessible to everyone. Pension savers that have complex income needs will receive their final advice recommendations from LV=’s existing team of regulated advisers. Customers who already have advisers are prompted to speak to them about their retirement needs.

CORA has been developed with online adviser Wealth Wizards and consists of two main elements:

  • an easy to complete online income shaping tool that produces a free personalised retirement income options report. The report provides an instant outline of the main product choices available, the pros and cons of each and a summary of other key options to help pension savers plan for their retirement.
  • an interactive advice experience producing a detailed personalised regulated advice recommendation on the products a customer should select. During the advice service pension savers are asked to build their full picture thorough a secure on-line fact-find about their individual circumstances, their savings and income requirements in retirement, and their appetite to risk. At the end of the fact-find session, the information is used to produce a full advice report, recommending specific products. As with traditional advice, the recommendation could include buying an annuity, using drawdown, deferring taking action, or using a blend of income solutions. The income and investment solutions are provided from a panel of providers, giving customers access to competitive range of products.

Customers who use CORA’s service to create a full regulated advice report will be charged a £199 fee which includes a discussion with an experienced LV= financial adviser to talk through the recommendations. If pension savers want help completing all the necessary paperwork, contacting existing pension providers and organising payment of tax free cash they can ask LV= to set up an income solution on their behalf, for a further £499.

Richard Rowney, Managing Director of LV= Life and Pension said: “LV= believes that financial advice helps pension savers make the most of their funds. However, we recognise that there are many retirees who do not plan to see an adviser before they access their pension. To ensure that middle Britons approaching retirement do not miss out we have changed how advice is offered. CORA has been designed to help demonstrate the value of advice to those who would not typically seek it. By making the advice available online it means that pension savers can access valuable information from the comfort of their homes, whenever it suits them, safe in the knowledge that our expert advisers are on hand to help.

“Making those approaching retirement aware of the choices the pension freedoms afford them will ensure that they make an informed decision about how they take an income from their pension. For some an annuity will remain the best option for them, for others it will be drawdown, however many could benefit from mixing and matching solutions to achieve the level of income and flexibility they want in retirement.”

The service is available here:

About LV=

LV= employs 6000 people and serves over 5.7 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and UNISON.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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