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LV= launches new low cost pension plan

Press release: 13/02/2012

Retirement specialist LV= today announces the launch of a new low cost personal pension, with a 0.25% annual service charge[1].

LV='s low cost pension offers a range of 130 funds, from 16 leading fund management groups, including Threadneedle (offering risk profiled multi manager funds), Fidelity, M&G, Schroders, and State Street Global Advisors (offering a low cost passive investment option from 0.1% TER[2]).

Clients who remain invested in the insured range of funds qualify for the low cost fee, but equally are able to transfer to LV='s full SIPP, the Flexible Transitions Account, if they need greater flexibility in the future, reverting to the standard fee structure (see below for a full list of low cost and standard fees).

Ray Chinn, LV= Head of Pensions said: "With regulatory scrutiny on clients incurring unnecessary SIPP charges we are pleased to be able to offer this simple, clear, low cost option within our wider SIPP wrapper. We appreciate that some clients want a no-frills, straightforward personal pension, and the wide range of investment funds available means that advisers can easily tailor the plan to suit their client's risk appetite. We pride ourselves in offering pensions that are transparent, setting out a clear charging structure so there are no surprises further down the line. And we are providing advisers with products now that are already RDR friendly."

LV='s new low cost pension plan is designed to give people clarity and certainty. By setting out the annual service charge from the outset, clients are clear about what they will be charged throughout the plan's lifetime.

Ray Chinn added: "We piloted this product during 2011 and it proved extremely popular with advisers, with sales exceeding our expectations. We have now been able to make improvements to the pension plan by adding more funds and reducing the cost even further."

For information about LV='s range of retirement products go to

Notes to editor

[1] Investment Management charges apply in addition to the annual service charge.
[2] TER = Total Expense Ratio

Annual service charges

Amount invested

Standard fees

Low fees option

First £75,000



Next £925,000



Any amount over £1mil



0.25% service charges

About LV=

LV= employs 5000 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 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.