press release

Head of Policy at LV= responds to HMT figures showing £9.2 billion has been released by pension freedoms

Responding to HMT figures showing £9.2 billion has been released by pension freedoms, Philip Brown, Head of Policy at LV=, said:

“The pension freedoms have given people welcome choice over what to do with their money and it's good to see the reforms working as intended. However, we know that many people still aren’t taking financial advice at retirement, or exercising choice, and these numbers don’t show whether retirees received sufficient support to make the right decision about what to do with their money. Better access to advice should help more consumers understand their options, shop around, and ensure they have the right blend of products to meet their changing needs throughout retirement.”

About LV=

LV= 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 offer our services direct to consumers, as well as through IFAs and insurance brokers.

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 and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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