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LV=’s response to the second hand annuity consultation

Press release: 19/06/2015

John Perks, Managing Director of LV= Retirement Solutions says:

“We believe that individuals should have the right to sell their annuity to their existing annuity provider should the provider be willing to do so, and where the provider can demonstrate that a fair offer has been made. We do not believe that it is in the spirit of the reforms to restrict individuals’ freedom and choice as to how they take their retirement income. Given the potential detrimental risks involved for consumers, we fully advocate that consumers are obliged to take advice before making a decision as to whether they proceed. However think the requirement needs to be assessed to avoid the cost of advice damaging the value of smaller annuities.

“We support the proposed approach to allow a wide range of corporate entities to purchase the annuity as this will lead to greater competition and ultimately better value pricing.

“Many of the significant decisions that individuals who want to sell their annuity will face mirror those of people who choose to take out an equity release product and those who choose to use the break clause feature of a fixed term annuity. We have significant customer experience in both of these areas and would be happy to assist Government further in taking forward more detailed proposals.”

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