LV= welcomes clarification on retirement calculator issue

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LV= welcomes clarification on retirement calculator issue

Fri 24th Dec 2010

A statement by the Treasury regarding unsecured pensions has been praised by a representative from LV=.

Ray Chinn, head of pensions at the firm, explained that the government has said that a person signed up to such a long-term savings strategy can buy a lifetime annuity without being charged.

In his opinion, the state should be applauded for creating a more adaptable system that places customer needs as a top priority.

Mr Chinn noted that the announcement by the government builds on the proposals unveiled in July regarding pension reform.

He added: "The clarification published today by the Treasury regarding unsecured pensions for those customers between 50 and 55 demonstrates a fairer approach which puts the customer first."

The LV= spokesperson pointed out that the firm has previously expressed concern about this issue.

Last week, the organisation launched the Little Book of Protection, which offers guidance to advisors regarding insurance options open to customers.

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