LV= claims pensioners missing out on £56.6 million each year

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www.moneynews.co.uk > Pensions > LV= claims pensioners missing out on £56.6 million each year

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LV= claims pensioners missing out on £56.6 million each year

LV= has conducted research which suggests that pensioners in the UK may be missing out on a combined total of £56.6 million each year because they are purchasing the wrong type of annuities.

The pension provider's study found that around 150,000 people would be able to improve their retirement income by an average of £369 per year if they bought an enhanced, rather than a standard, annuity.

Matt Trott, LV= head of annuities, said that the study revealed that seven out of ten pre-retired people are currently concerned about their financial security.

He added: "Given the current economic climate […] people simply can't afford to miss out on the chance of increasing their income in retirement."

LV= began life as Liverpool Victoria in 1843. It now serves around 3.2 million customers, managing nearly £7 billion on their behalf.

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