Pensions and Retirement Frequently Asked Questions

How much does getting advice cost?

Answer

The cost of getting advice will depend on a number of factors, including the type of advice you choose and how complex your requirements are. However, advice with LV= starts from as little as £750 and we strongly believe that our members get the best outcome having spoken to one of our friendly advisers. 

LV= can offer you a commitment-free chat with one of our retirement advisers. We’ll discuss the most suitable advice options for you and confirm any costs before work commences (This usually takes about an hour of your time). You will only ever commit to paying fees if you agree to one of the advice services offered, and your LV= adviser will provide you with details on when and how the fee will be charged, making sure they’re clear and that you understand them. 

Retirement advice

For full financial advice, our usual costs are shown below. If you choose to proceed with our recommendation, then we will charge a fee and there are a number of ways in which you can pay for the advice including:

  • deducting fees from your pension savings when you proceed with the advice(This is called a facilitated adviser charge and you must have enough money in your pension pot to pay for this) or;
  • by a single payment.
Service Our charges
Initial consultation No charge
Advice report and explanation No charge
To proceed with our recommendation Known as our initial advice fee and typically 3% of your pension fund excluding the value of your tax-free lump sum. There’s a minimum adviser fee of £750 and a maximum fee of £7,500.
Ongoing annual review service For a £40,000-£64,999
pension pot
£400 per year
For a £65,000
pension pot and above
0.5% per year of the fund value, subject to a minimum fee of £650 per year
and a maximum fee of £5,000 per year

Service Our charges
Initial consultation No charge
Advice report and explanation No charge
To proceed with our recommendation Known as our initial advice fee and typically 3% of your pension fund excluding the value of your tax-free lump sum. There’s a minimum adviser fee of £750 and a maximum fee of £7,500.
Ongoing annual review service For a £40,000-£64,999
pension pot
£400 per year
For a £65,000
pension pot and above
0.5% per year of the fund value, subject to a minimum fee of £650 per year
and a maximum fee of £5,000 per year

The cost will include a thorough assessment of your personal circumstances, goals and preferences, followed by a comprehensive discussion and report. Your LV= adviser will confirm their recommendations on what actions to take and why, that are personally tailored to meet your needs. Where appropriate, this will include selecting specific products and investment solutions for you from providers across the market and making the arrangements to set these up for you.

So you can continue to get the most from your hard earned savings, LV= can also provide an optional ongoing advice service (for a low annual fee) to make sure your products and investments are performing well for you and remain appropriate to any changes to your personal circumstances and needs.

We offer a range of the pension and investment products from the Liverpool Victoria group of companies. We also offer investment products from a limited number of other companies, and annuity products from the whole of the market.

 

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