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Catch up with the latest press releases from LV=

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John Perks comments on today's autumn statement announcement

Press release: 29/11/2011

John Perks, LV= Managing Director of Retirement Solutions, comments on today’s Autumn Statement announcement on the state pension age:

"With the announcement today that the state retirement age will now increase sooner to age 67 (from April 2026) than previously planned, many people may need to reassess their retirement plans. We urge the Government to now provide stability with regards to pension legislation, to allow people to plan for retirement with a degree of comfort that the plans they put in place will be effective at the point they retire.

"Recent research* from LV= showed that people currently aged 50, on average said they would ideally like to retire at age 61, but realistically thought they would be able to retire just before turning 65 (64.7), which is unlikely to remain the case for the majority when taking into account the shift in when they could receive a state pension.

"Our research* also found that 6.1 million (28%) of today’s over-50s already expect to work past the current state retirement age, and on average those planning to work past state retirement age will work for an extra six years, which would see men retiring at 71 and women at 66 based on today’s retirement age.

"As people start to approach retirement it is essential that they seek professional advice to make the most out of their savings. For instance, if people are retiring later in life they are more likely to qualify for an enhanced annuity when they eventually do retire, which makes a significant difference to the income they will receive for the rest of their life. And people should also make sure they consider all their assets when looking at how to fund retirement, including their property, which is often people’s biggest asset. Research** from LV= showed that a third of today’s over-50s (31%, two million people) look set to use the equity in their home to help supplement their retirement income in the future, which is a figure we could see continue to increase.”

For details of LV= and its range of flexible retirement products go to

* Figures are taken from omnibus research carried out by Opinium Research on behalf of LV= as part of the Working Late Index. An online poll of 1,522 British adults, all aged over 50, was carried out from 28 October to 1 November 2011.

The over-50s population in the UK is currently 21,905,000 – source: population projections by ONS, 20011. All grossed up figures in this press release are based on this source.

  • All working males respondents who want to or expect to retire at 66+ and all females who want to or expect to retire at 61+

  • = 28% of the total sample wants/expects to retire above state retirement age

  • 28% of 21,905,000 = 6,133,400 UK over 50’s want/expect to retire above state retirement age

** Figures taken from research carried out for LV= by Opinium Research from 1 September to 5 September 2011 amongst 1,051 UK adults aged over 50 and in employment.

About LV=

LV= employs over 5000 people and serves around five 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 a range of trades unions.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.