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Teachers assurance to offer LV= flexible savings plan and financial advice service

Press release: 03/03/2015

Insurance, investment and retirement group LV= has agreed a partnership where Teachers Assurance will sell LV=’s flexible savings plan and promote its in-house financial advice team.

This tie up follows the announcement, in December, that LV= will be taking over the majority of Teachers Assurance’s business interests. As a result of the deal, which is expected to complete in early 2016, Teachers Assurance is no longer able to offer its own guaranteed savings plan so instead will be offering LV=’s plan.

The LV= flexible savings plan allows investors to save from as little as £25 per month, as well as make lump sum payments, and offers the potential for bonuses to be added over the term of the plan. In addition, policyholders automatically become with-profit members of LV= and are thus also eligible for future Mutual Bonuses (with £22 million awarded last year) as well as other valuable member benefits. The flexible savings plan are invested in LV=’s with-profits fund and customers are able to purchase it via Teachers Assurance’s website and over the phone.

In addition, from today, Teachers Assurance will refer customers and members who want advice on their investment and retirement plans, and the options available to them through to LV=’s qualified advisers. LV=’s in-house advice panel is staffed by highly qualified financial advisers and can offer advice on a wide range of financial solutions from a panel of providers.

LV=’s flexible savings plan will be promoted through adverts in Teacher magazine. Members of the teaching profession will be made aware of LV=’s financial advice service during the regular programme of national seminars that Teachers Assurance runs throughout the year.

Richard Rowney, Managing Director of LV= Life and Pensions said: “Partnering with Teachers Assurance in advance of the transaction completing means that it can continue to offer teachers a long-term savings plan as part of their financial plans. These plans have been popular with teachers as they offer an efficient way of saving over the longer term.

“The agreement will also mean Teachers Assurance can offer access to highly qualified financial advice with immediate effect. We strongly believe that financial advice can significantly enhance the outcome that individuals achieve, especially at the point of retirement and although the majority of teachers will have a final salary pension scheme, our advice service could help many decide how best to structure their finances and make the most of their pension lump sums, their long-term savings and their investments.”

Wendie Michie, Commercial Director of Teachers Assurance said: “Having closed to new with-profits business ahead of our intended transfer to LV=, it is important that we continue to offer a range of savings and investment options to our members and customers while we work towards completion of the deal. Our research among the teaching profession shows that our customers particularly value growth potential, capital guarantees and flexibility when it comes to saving and the Flexible Savings Plan provides all three.

“In addition, we’re delighted to be able to offer LV=’s financial advice service to our members and customers, especially those who attend our seminars looking for support and guidance as they approach retirement.”

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