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LV= and Treasury launch pension passport pilot

23 June 2015 | LV= commentary

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

LV= and the Treasury’s pilot of the pension passport has now launched. The pilot aims to see whether the passport will better engage pension savers than the wake up packs that those approaching retirement currently receive from pension providers. The pension passport is currently being sent to customers approaching retirement in lieu of the wake up packs.

“We have teamed up with the Treasury to create and trial a pension passport to boost consumer engagement with the retirement income market. The pension passport is a simple document outlining how much an individual has in their pension pot, in what type of scheme and any special terms such as guaranteed annuity rates their pension attracts. We are sending these to those pension savers approaching retirement in place of the current wake up packs. People spend a lifetime building up their pension funds and we want to encourage them to make the most of their pots. The pension changes means that those pension savers now have greater choice as to how they take an income from their pots and we have been working with the Cabinet Office’s Behavioural Insight Team to ensure that the information we provide is sufficient enough to encourage them to shop around for the right solution or combination of solution for their needs.”

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