LV= removes pension exit charges

Follows FCA ruling in November

Tom Ellis
clock • 1 min read

LV= has removed all pension exit charges from its products, allowing customers to switch to other providers without incurring a fee.

The insurer had already pledged to remove its exit charges in July. The firm said this was part its commitment to ensure all customers get "the best possible outcome in retirement". Last month, the Financial Conduct Authority announced its final rules on capping early exit charges. The regulator stated that, from 31 March 2017, early exit charges would be capped at 1% for existing pensions and 0% for new contracts. This was to give people the freedom shop around and choose their retirement products following the government's pension freedom reforms in April 2015. LV= managing di...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Tatton sees AUM reach £17.6bn as advice firm numbers grow

Tatton sees AUM reach £17.6bn as advice firm numbers grow

Discretionary fund manager records net flow increase of 28% to £2.3bn

Isabel Baxter
clock 16 April 2024 • 2 min read
New online platform launches for care-related advice

New online platform launches for care-related advice

To meet Consumer Duty and vulnerability regulatory expectations

Isabel Baxter
clock 16 April 2024 • 2 min read
HNW individual advice firm partners with Multiply AI

HNW individual advice firm partners with Multiply AI

OCM Wealth Management will use AI to roll out a new AR business model

Isabel Baxter
clock 15 April 2024 • 1 min read