LV has partnered with the Church of England to provide advice to members of its pension schemes.
The Church of England has chosen LV to provide a financial advice service option to their scheme members as it believes some members will need help with the complex range of choices at retirement.
The Church of England has a variety of pension schemes providing both defined benefit and defined contribution schemes to workers such as church administrators, church workers and the clergy.
LV will provide impartial pensions advice to these various members on what the most suitable option would be when accessing their pension in retirement.
Through the partnership, members can call LV and chat with a retirement options specialist for free, members can then decide whether they need financial advice.
LV will then charge members a fixed fee for advice on both their Church of England pensions and any other pensions they may hold.
The service is phone and email based and an extra fee will be charged for face-to-face advice.
The advice service will help scheme members understand the retirement options for DB pensions, whether they should transfer a DB pension to take advantage of flexible retirement options and how best to use DC pots.
LV can also provide advice on combining other pensions together and on investments but normal charges would apply for these services.
David Stevens, life advice director at LV, said: “We see this as an excellent example of how – with our mutual status and ethos - we can work collaboratively with pension schemes and their members to make advice more affordable and accessible for their members.
“Guidance and advice is provided by LV’s Retirement Advice Service team, covering retirement planning needs, who have been given training on the Church of England schemes.
“Scheme members can access the service provided by LV or are able to continue to choose their own financial adviser.”
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