LV= says pension reform welcome inclusion in PBR

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LV= says pension reform welcome inclusion in PBR

Tue 25th Nov 2008

Pension provider LV= has welcomed the government's announcements of pension reforms in yesterday's pre-Budget report.

LV= said that Alistair Darling's decision to bring forward the annual pension increase by three months to January, effectively giving pensioners £60 each, would help those struggling with the high costs of fuel this winter.

However Matt Trot, head of annuities at LV=, criticised the government for failing to address all the issues concerning annuities.

He said: "It is hugely disappointing that the government has not taken the opportunity to review the 75-year rule concerning purchasing an annuity."

But overall LV= said that the government's proposals go "some way towards bridging the gap" that may appear in credit-crunched pensioners' finances.

Earlier this week Just Retirement published the results of a survey which showed that many pensioners were in serious danger of slipping below the poverty line because of the decline in their disposable income.

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