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LV= launches fixed- term annuity comparison tool

Press release: 28/06/2013

Retirement specialist LV= is launching a tool for advisers which compares the suitability of fixed-term annuities against lifetime annuities. The first of its kind, the tool analyses the extent to which annuity rates, or the client’s circumstances, would need to change for them to be financially better off with a fixed-term annuity.

The tool allows advisers to input possible changes to health, circumstances (such as the death of a spouse) and annuity rates, to provide detailed charts showing whether a fixed-term or a lifetime annuity provides a better financial outcome. The charts can then be downloaded and used as part of client presentations or recommendations.

Vanessa Owen, LV= Head of Annuities and Equity Release, said: “As part of our commitment to support advisers, we are the first to launch a tool that provides real clarity when advising on fixed-term annuities. The theory behind a fixed-term annuity is well known, offering clients the ability to benefit from future changes in annuity rates, health or personal circumstances. However, the extent of change that needs to take place for a fixed-term annuity to be more beneficial has been difficult for advisers to quantify. With our tool it is possible to provide a detailed comparison of the different retirement income a fixed-term or lifetime annuity offers.”

Advisers can access LV=’s fixed-term annuity tool through its retirement website, where a video tutorial on how to use the tool can also be viewed.

The annuity tool launch follows LV=’s recent Fact and Fiction report, a detailed analysis for advisers of when a fixed-term annuity can be more suitable.

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Notes to editors

About LV=
LV= employs 5,700 people and serves over 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 trade unions.

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.