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LV= on Steve Webb MP's proposed pension passport

23 July 2014 | Press release


Richard Rowney, Managing Director of LV= Life and Pensions on Steve Webb’s proposed pension passport:

“In our response to the consultation on Freedom and Choice in Pensions, LV= called for the creation of a pensions passport for those approaching retirement in lieu of the current “wake up” packs. In order to help people better plan for retirement, we think the passport should set out key facts about their future minimum state pension and private pension and make them aware of the guidance guarantee. If this information was provided in a standardised format, we believe that more people would engage with the retirement income market and the planning process. This would help to empower consumers to shop around and prompt them to start thinking about the options available to them, which in turn would result in improved customer outcomes. We look forward to working with government on the finer details of the proposal.”

FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK