LV  

LV appoints pensions chief

LV appoints pensions chief

Mutual insurer LV has appointed Clive Bolton as managing director of its life and pensions division with immediate effect.

Mr Bolton, a former managing director at Aviva, will replace John Perks who is leaving to join the Police Mutual Group as chief executive in April.

The appointment is subject to regulatory approval.

Mr Bolton spent 11 years at Aviva Life UK, five of which were as managing director of retirement solutions.  

He is currently a consultant with the International Longevity Centre and a non-executive member of the Civil Service Pension Scheme Advisory Board.

Richard Rowney, chief executive of LV, said: "John has played a key part in taking the life business from sales of £500m a year to over £2bn and leaves an organisation well placed to deliver on its goals for customers, members and advisers.  

"We wish him every success in the future.

"Clive Bolton is a hugely impressive business leader with a proven track record of growing and developing life businesses based around the needs of customers and advisers.  

"He brings an extensive understanding of the life and pensions market and I am confident that he’ll contribute significantly to LV’s future success."

LV's retirement solutions division reported a drop in sales for the first half of last year, with £831m sold compared with £857m in the same period the year before.

However, this was offset by a growth in equity release sales which were up 66 per cent to £88m, compared with £53m during the first half of 2017.

The mutual entered a contract with investment manager Vanguard later in the year that saw Vanguard take over the management of 10 LV index funds.

The agreement was designed to allow LV to offer competitive price propositions for its drawdown customers and to boost sales in the division.

carmen.reichman@ft.com