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LV= launches retirement income advice service with ReAssure

Press release: 19/05/2014

Retirement specialist LV= has agreed a deal that will provide ReAssure’s 800,000 customers with access to LV=’s annuity panel and its qualified retirement advisers.

Customers who use LV=’s annuity panel will be able to search the market for the best available standard and enhanced annuities. An LV= adviser will also be available to help customers to decide whether an alternative retirement income option may better suit their individual needs and circumstances.

ReAssure will notify its customers of LV=’s retirement income advice service in a booklet sent out with their annual statement. Customers will also be made aware of the decisions they need to make when planning for retirement. This includes looking at the range of guaranteed income products available, and considering whether they still wish to retire at the age they stated when they initially took out their pension.

ReAssure customers will also receive information about how to find an independent financial adviser should they prefer, or be directed to their own adviser if they currently have one.

Richard Rowney, Managing Director of LV= Life and Pensions said: “The Chancellor’s Budget has given retirees far more choice and flexibility as to how they take an income from their pension savings. We believe it is increasingly important that people are encouraged to shop around for a retirement income solution and believe that advice can significantly improve the outcome a retiree achieves.

“We are committed to providing those approaching retirement with choice as to how they structure their retirement income. Our retirement income service is designed to make retirees, who wouldn’t typically seek financial advice, aware of all the options available to them and help them to make the most of their pension fund. Partnering with ReAssure means we can help them to boost the retirement income of even more retirees.”

Matt Cuhls, ReAssure Chief Executive said: “In LV=, ReAssure believes it has found a partner that can support us in delivering the strong customer outcomes that are a cornerstone of our business model.”

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For further information please contact:

Addy Frederick, LV=, 020 8256 6909, Addy.Frederick@lv.com

About LV=

LV= employs 5,800 people and serves over 5.5 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.