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LV= comments on 30 working days until pension reforms

Press release: 20/02/2015

John Perks, Managing Director of LV= Retirement Solutions:

“Today marks 30 working days until the pension reforms come into play. These reforms give retirees greater choice as to how they take an income from their pension fund. From the customer queries we have received, it is clear that there is a lot of uncertainty about what the changes mean. Although introducing these wholesale changes in such a short timescale has proved challenging, we are happy to confirm that we will be ready and, for example, will be offering flexible access drawdown from 7 April.

“However, this will not be the case for the whole industry. For those advisers with clients approaching retirement who want to take advantage of the new freedoms, it is important that they consider whether their provider will be able to facilitate flexible access drawdown, what their charging structure will be from April and how quickly they will be able to deal with queries.

“We believe that advice can significantly improve outcomes for people at retirement and we will shortly be launching new tools to help advisers demonstrate the value of at retirement advice in the new world. We will also be launching a new proposition that will bring the new freedoms to life, and have increased staff numbers so we can offer a great service to advisers and their clients in these transitional times.”

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