Retirement solutions for workplace pension schemes

Helping members access their pension pot

A dedicated, focussed service for members requiring financial advice on what to do with their defined contribution workplace pension scheme savings. 

• Full advice that takes into account the member’s individual circumstances and provides a personal recommendation on the most suitable way for the member to access their pension savings using the workplace pension scheme or by utilising an alternative product.
• Members taking advice under this service will continue to be protected by workplace pension scheme governance through retirement, and also be protected as a ‘retail client’ by the Financial Conduct Authority (FCA). 

Helping members understand the valuable benefits from their scheme

We pride ourselves on our unique and robust in-house triage service that helps members fully understand the benefits available to them from their scheme and the consequences of transferring out. 

The advice journey will be delivered by pension transfer specialists at every step (as opposed to simply signing off the advice) who are salaried employees of LV= and do not receive commission.

We believe in educating members before starting the advice process which allows them to understand their valuable benefits before they commit to incurring a fee:

• We’ll provide them with exclusive access to a suite of educational videos provided by MoneyAlive and endorsed by The Pensions Management Institute, to help them decide whether they should transfer out of their scheme or seek advice.
• We also offer a complimentary informal chat with one of our pension transfer specialists. 

If the member has agreed to proceed with our advice, our pension transfer specialists will provide members with financial advice and a personal recommendation to ensure they get the right outcome for their circumstances. Our ‘safety-first’ advice principles also ensure essential income needs are taken into account as a priority to mitigate the risk of the member running out of money too soon.

Our transfer advice incorporates a full range of options. Our advisers will consider whether the member should remain in the Scheme as well as looking at open market annuities and flexible income options using investment funds from the largest asset management firms.

Our pension transfer specialists carry out all Transfer Value Comparators in-house whilst carefully analysing the members’ situation, needs and objectives before recommending whether these can be met by remaining in their existing scheme or transferring out. 

Our competitive fixed fee pricing structure is clear and transparent from the outset, so there will be no hidden fees emerging during the process.

Getting the right outcome for members

We’re experienced in helping companies who have a Guaranteed Annuity Rate (GAR) liability. We’ll work with you to find a solution that meets your corporate responsibilities whilst also considering your regulatory and risk concerns and ensuring good customer outcomes.

We’ll research the whole of market and recommend the GAR with the most cost effective option as well as ensuring your members get their contractual income. We’ll also make sure your members fully understand the GAR and their options to help them make informed decisions to get the best outcome for their retirement.

Annuity broking and guidance

LV= Annuity Broking

We provide expert help for members wanting to exercise their Open Market Option and purchase an annuity. Our experts seek to secure a superior income to the one offered through their scheme. They have access to the best annuity rates from across the whole of the market ensuring your members get the highest income available.

We will also provide support for members who want to buy a guaranteed income for life and don’t want advice.

Guidance

We believe in helping members plan for a better retirement. We help members understand their options and answer any queries they may have about planning for retirement. 

We can also provide guidance to members on choosing the right solution for their individual circumstances. We’ll support them on their next steps for how best to access their hard-earned pension savings and how to get the most out of them.