LV= offers annuity commitment

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LV= offers annuity commitment

Liverpool Victoria (LV=) has pledged to pay all Annuity Pension Planners their tax-free cash within five working days of receiving all funds and/or documentation, or it will pay them £1,000 compensation.

This latest promise follows the LV= 'money where its mouth is' commitment, launched in February 2008, which offers to pay tax-free cash to Unsecured Pension Plan holders within seven working days or paying £1,000 compensation.

The firm has also published its service standards for its entire range of annuities, including its Enhanced With Profit Pension Annuity.

Matt Trott, head of annuities at LV=, commented: "We are … aware of the need to process applications as efficiently as possible, and this is why we regularly chase the ceding scheme for funds, and have made this commitment to pay customers their tax-free cash within five days."

In related news, Defaqto recently awarded LV='s Discretionary SIPP a five star rating.
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