Pensions and Retirement Frequently Asked Questions

How much does getting pension and retirement advice cost?

When you pay for pension advice you buy the expertise of those people best placed to take you through the retirement planning process. The cost of getting advice will depend on a number of factors, including the type of pension you have, the advice you choose and how complex your requirements are. However, our affordable and quality advice starts from as little as £995 and we strongly believe that our members get the right outcome and best plan for their retirement having spoken to one of our friendly advisers. 

LV= can offer you a commitment-free chat with one of our expert 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 costs

For full financial advice on Defined Contribution pensions (typically personal pensions). 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 £995 and a maximum fee of £10,000.
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 £995 and a maximum fee of £10,000.
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.

If you have a Defined Benefit (final salary) pension scheme and require pension transfer or lifetime allowance advice we offer a competitive fixed price fee structure as shown in the table below. We are required by regulation to charge an upfront fee for defined benefit pensions and if this applies to you it will be explained clearly right at the start when you contact us.  

Service Our charges
Initial consultation No charge
Advice report and explanation £3,885 + VAT for the first defined benefit pension. There will be an additional charge of £1,500 + VAT for subsequent defined benefit pensions.

To proceed with our recommendation

Service Our charges
Initial consultation No charge
Advice report and explanation £3,885 + VAT for the first defined benefit pension. There will be an additional charge of £1,500 + VAT for subsequent defined benefit pensions.

To proceed with our recommendation

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.

If you have a Defined Benefit (final salary) pension scheme and require pension transfer or lifetime allowance advice we offer a competitive fixed price fee structure as shown in the table below. We are required by regulation to charge an upfront fee for defined benefit pensions and if this applies to you it will be explained clearly right at the start when you contact us.  

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