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LV= works with Treasury on pension passport pilot

23 March 2015 | LV= comments

Phil Brown, Head of Retirement Proposition and Change at LV= says:

“LV= has long called for the creation of a pension passport – a one page document that clearly sets out clear, consistent data about a pension savers existing pension(s).

“The idea of a pension passport was developed almost half a decade ago as it was thought to be the best way to encourage those approaching retirement to shop around and make the most of their pension fund. In less than a month, pension savers will be given greater freedom as to how they take an income from their pot.

“Post April, LV= will be working with the Behavioural Insights team, who are in turn working with Her Majesty’s Treasury, to test the usability of a simplified wake up pack which incorporates the ideas first discussed and researched for a pension passport. This trial is the first step towards longer term integration.

“We fully support the FCA’s second line of defence, but think it a shame that it is necessary as it indicates a systematic failure by the wider industry to help savers make the best use of the pension fund they have spent a lifetime building. We believe the introduction of such a document will lead to better customer outcomes, due to increased consumer engagement with the retirement income market which will help savers to select a solution that best suits their needs.”

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