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LV= Removes Pension Exit fees

19 December 2016 | Press Release

LV=, the UK’s most trusted and recommended insurer*, 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.”

* 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.

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LV=, County Gates, Bournemouth, BH1 2NF, UK