information

LV= uses cookies to give you the best experience online and to provide anonymised, aggregated site usage data. You can find out what cookies we use and how you can disable them in our Cookie Policy. By continuing to use our website, you agree to our use of cookies in accordance with our cookie policy unless you have disabled them.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

Budget 2014: LV= enhances its retirement proposition

Press release: 24/03/2014

Richard Rowney, LV= Life and Pensions, Managing Director says:

“We are making enhancements to our retirement proposition to ensure that those approaching retirement are able to take full advantage of the increased flexibility the Chancellor’s announcement offers from 27th March. LV= will be ready to quote customers considering capped drawdown at 150% of GAD from next Thursday. We will be able to quote 150% of GAD for potential fixed term annuity customers from Monday 24 March. We have reduced our minimum contribution for capped and flexible drawdown to £30,000 and reduced the amount needed to satisfy the minimum income requirement for flexible drawdown to £12,000. In addition, in a drive towards wider flexibility as to how retirees take their benefits, we are removing our administration charge for those customers in flexible drawdown whose funds fall below £37,500.

“For the majority of people, retirement is no longer an absolute event whereby they hit 65 and leave the workplace forever. It's become a phased event and solutions such as fixed term annuities and income drawdown fit very neatly into that space. We believe that the changes that we are implementing will make these solutions even more attractive to customers.”