LV has launched a retirement income proposition, designed to help advisers explain, recommend and administer single or blended retirement solutions to clients.
The LV Retirement Pathfinder has a number of elements and tools designed to bring the new pension freedoms to life for advisers.
Advisers will now be able to tailor multiple product solutions, for example drawdown and annuity products, together in a single application an policy for their clients.
It is product agnostic, with advisers able to project how long a client’s money will last and how long the client will be expected to live, alongside which type of product or combination of products might be most appropriate.
Advisers can create detailed retirement options reports for their clients based on the level of income they want to achieve and the amount of flexibility or guarantee they require, depending on their individual needs, risk appetite and tax position.
It is free for advisers to access on the website for testing purposes, but to save the content advisers need to have an LV login.
Speaking to FTAdviser, the firm’s head of research and development Michelle Cutler, said that the total investment in creating the new proposition was around £200,000.
The retirement account is supported by a new online service, Retirement View, which is se to be rolled out from 7 April. LV said this will enable advisers and paraplanners to quote, apply and service LV policies online, through a paperless and signatureless application.
Richard Rowney, managing director of LV life and pensions, added: “Prior to the Budget we were already seeing advisers blending solutions in order to achieve a level of income flexibility and a guaranteed element for their client.
“We believe that the new pension freedoms will result in even greater demand as more advisers seek to combine solutions to achieve a tailored income option for their clients.
“Retirement has evolved and we think that our proposition, which builds on the breadth of our product suite, will help advisers to meet the income needs of today’s retirees.”
Ms Cutler added that she expects more tools like this to pop up with the difference being that they are will focus on one area only.
ruth.gillbe@ft.com
