LV pension plan unveiled

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LV pension plan unveiled

Tue 3rd Mar 2009

Insurance, investment and pension company LV has launched a new retirement plan that aims to increase options open to people and deliver a more tailored pension service.

The group has unveiled its Flexible Transitions Account, which has updated LV's Self Invested Personal Pension offering.

It now provides a clearer charging structure, a variety of investment options to suit individual needs, plus a wide range of accumulation and decumulation options.

"With many people currently facing uncertainty, especially those approaching their retirement, this is an ideal opportunity to introduce a one-stop pensions solution, with clear and affordable charges throughout the life of the plan and the ability to choose investment elements relevant to their needs and outlook," said Ray Chinn, head of pensions at LV.

The increased focus on tailoring pension options to individual needs comes following a recent report from Standard Life, which suggested that the future of the pensions industry would be radically different from today.

According to the report, a growing number of people heading towards retirement age are planning an active time, whether by continuing to work or doing something different.

As a result, Standard Life claimed pension providers needed to keep up with the changing demands of people looking for new challenges in their retirement.

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