LV=, the retirement and protection specialist, is introducing a new charging structure for pensions taken out from July 2020.
The changes have been introduced following a market review and research with financial advisers, and are designed to ensure LV=’s range of pensions remain easy to understand extremely competitive.
Policyholders will pay a wrapper fee on the first £700,000 of their pension investments. No charges will apply to excess sums over this level. A minimum wrapper charge of £195 is being introduced.
The LV= Flexible Transition Account will be built of three simple structural components allowing advisers to mix and match investments to meet their clients’ needs:
Clive Bolton, managing director at LV= Savings and Retirement, said:
“These changes are another example of how LV= is evolving to support our customers with value for money charges that enable them to mix and match their investments.
“We have done a huge amount of work refreshing our pension range to make it more appealing to advisers and their clients. We have extended our online valuation service, removed the drawdown fee for new customers and these latest changes make LV= more competitive, particularly for those with pension funds between £100,000 and £500,000.
“Throughout the rest of the year we’ll be introducing a series of improvements as we continue to develop our range of pensions, investments and retirement products for this customer segment.”
LV= is a leading financial mutual and serves over 1.3 million members with a range of financial products. 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.
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.