LV= has agreed to pay all annuity pension planners their tax-free cash within five working days of receiving all funds and/or documentation or pay £1,000 in compensation.
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 Rockingham Retirement, welcomes the scheme. “This is an excellent initiative from LV=. In our experience our customers make their plans based upon receiving their tax free cash within a reasonable timescale of purchasing their annuity," he says.
“All too often they have been let down with delays in making these payments to them, causing disruption to their planning as well as hardship in cases where they have been relying on receiving their money."IFAonline
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