Press release

LV= removes pension exit fees

LV=, the UK’s most trusted and recommended insurer¹, is removing all pension wrapper exit charges from today. This will allow customers the freedom to switch to another product or provider if they wish without incurring a charge.

LV= first pledged to remove exit fees by the end of 2016 in July this year as part of the mutual’s commitment to ensuring all customers are able to get the best possible outcome in retirement.

John Perks, Managing Director of Retirement Solutions at LV=, said: “Shopping around at retirement is vital to ensure consumers get a good deal, but excessive exit charges can prevent people from doing so. In July, we committed to removing all pension wrapper exit fees by the end of 2016 and I’m delighted to announce this change has come into effect today. As a modern mutual, we are committed to ensuring our members have access to good value, transparent products that enable them to get the best outcome for their needs in retirement.”

Notes to editors: 

¹. Research conducted by YouGov found LV= in the top position on the BrandIndex Recommend measure when assessing the data collected between 1st November 2015 and 31st October 2016. All data was collected using an online survey and respondents are members of the YouGov panel. The 30,435 strong research sample for this study was sampled and weighted to a UK nationally representative 18+ adult profile. The Recommend metric measures a consumer’s willingness to recommend a brand.

At the 2016 Moneywise Awards, LV= was named the UK’s Most Trusted Insurer.

About LV=

LV= employs over 6,000 people and serves over 5.8 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 are currently the UK's number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings.

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.

Press contact