LV= makes promise to annuity pension planners

The announcement follows the launch in February 2008 of the LV= ‘money where its mouth is’ commitment relating to unsecured pension plans. Under the scheme, LV= committed to paying tax-free cash to unsecured pension plan holders within seven working days or paying £1,000 compensation. Matt Trott, head of annuities at LV=, says: “We are aware of the need to process applications as efficiently as possible and this is why we regularly chase the ceding scheme for funds, and have made this commitment to pay customers their tax-free cash within five days.” Steve Hunt, managing director at Ro...