Pensions  

Advisers still adapting to pension changes: LV=

Advisers still adapting to pension changes: LV=

Advisers are still adjusting to the pension freedoms and the consumer enquiries that have followed them, the managing director of LV= Retirement Solutions has claimed.

John Perks said that recent months had been a “survival period” for advisers as they adapted to the changes, and added: “Advisers are getting to grips with the changes, and dealing with customers doing things such as taking cash out.”

Meanwhile Richard Rowney, managing director of LV= Life and Pensions, said that the mutual would continue to educate advisers about income protection products following a series of events aimed at boosting awareness.

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On that subject, Mr Rowney said: “This is not something we are declaring victory on and saying there is nothing more to do. There are more opportunities in that area.”

The comments came as LV= revealed that retirement sales had increased from £625m for the six months of 2014 to £720m for the corresponding period in 2015, with the increase driven by a rise in demand for income drawdown.

However, annuity sales fell from £232m in the first half of 2014 to £146m for the six months a year later.

Meanwhile protection sales increased from £96m for the six months of 2014 to £144m in 2015.