LV= starts pension passport roll-out

LV= starts pension passport roll-out

LV= has started rolling out pension passports to its customers as part of a partnership with the government.

The provider is working with HM Treasury and charity-backed Behavioural Insights Team to create a simple document showing a saver’s existing pensions.

Phil Brown, head of proposition and change at LV=, said the pension passport is being sent to customers in lieu of wake-up packs.

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He said: “People spend a lifetime building up their pension funds and we want to encourage them to make the most of their pots.

“The pension changes means that those pension savers now have greater choice as to how they take an income from their pots and we have been working with the Cabinet Office’s Behavioural Insight Team to ensure that the information we provide is sufficient enough to encourage them to shop around for the right solution or combination of solution for their needs.”

The document outlines how much an individual has in their pension pot, in what type of scheme and any special terms such as guaranteed annuity rates their pension attracts.

In December the FCA’s retirement income report, proposed new measures including the dashboard and an alternative to the existing wake-up pack, which would enable consumers to view all their lifetime pension savings - including their state pension - in one place.

LV= has previously said the pension passport could become reality as early as next April.