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LV= comments on ABI proposal to temporarily extend the remit of Pension Wise

19 June 2015 | LV= commentary

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

“LV= believes that retirement advice remains the most effective way to ensure that pension savers make the most of their fund, particularly where there are valuable safeguarded benefits. However, the cost of advice can damage the value of smaller pension pots and adviser supply may also not be available for the smaller pots. Despite the requirement to get advice, this can be therefore be seen as an unnecessary barrier and effectively leave them with no choice but to purchase an annuity from their vesting provider, which may not offer them the best rate or solution available. We are therefore supportive of the proposal from the ABI to temporarily extend the remit of Pension Wise to allow customers to relatively safely access small safeguarded pots. However, longer term, we believe the industry will deliver valuable lower cost advice solutions that will remove the current barriers.”

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