Personal Pension  

LV to highlight importance of advice in 2014

Richard Rowney, managing director of LV Life, has aid the provider is planning to increase the level of investment into its pensions services in the coming year and devote resources to highlighting “the value of advice in the run to, at and in retirement”.

Mr Rowney said LV was very aware that retirement has become a phased rather than an isolated event and had adapted to swiftly over the past 12 months to respond to adviser feedback in order to ensure clients have the products they want and need.

Mr Rowney said: “With people spending longer in retirement, it is vital that products offer them the flexibility they may require.

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“In response to this we extended the conversion feature on our fixed-term annuity product so that clients can exit and choose a product that has become more appropriate, as long as they’ve taken advice.

“We have been keen to improve our position in the investment-linked annuity market and increased our maximum assumed investment return so that clients are able to choose a higher starting income, with the knowledge that their income will not fall below their guaranteed minimum income.

“As well as various proposition enhancements, our focus for next year is to continue to further demonstrate our retirement income specialism and to highlight the importance of advice in the run up to, at and in retirement.”

On the protection side of the business, Mr Rowney said LV has made significant enhancements to it’s critical illness policy in order to make it the most comprehensive in the market by increasing the number of conditions we cover to 59. LV also doubled the number of partial payments available to 16.

He said: “Our focus next year is to maintain our position as the number one provider for advised income protection and the provider of quality critical illness cover.”