Break clause added to LV= fixed term annuity

Jenna Towler
clock

LV= has added a break clause to its fixed term annuity product which allows retirees to exit should their circumstances change.

Circumstances such as a client becoming eligible for flexible drawdown, being diagnosed with a medical condition which qualifies them for an enhanced annuity, or a change in marital status would mean they could exit the Protected Retirement Plan (PRP). The clause means clients can transfer to another pension or annuity product with LV= or another provider. The break clause can be used within 12 months of a change in circumstances and is available for new and existing clients with an LV= PRP. John Perks, LV= managing director of retirement solutions said the clause meant clients could ...

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 Income

Retirement income: Why the '4% rule' does not work for the UK

Retirement income: Why the '4% rule' does not work for the UK

Does the 4% rule have a place in UK retirement planning?

Doug Brodie
clock 10 May 2024 • 3 min read
Stress-testing at the core of suitable retirement income planning

Stress-testing at the core of suitable retirement income planning

'How not to stress-test a withdrawal plan needs to be understood'

Chet Velani
clock 09 May 2024 • 5 min read
Advisers have bigger role to play in annuity journey of clients

Advisers have bigger role to play in annuity journey of clients

Just 29% of annuity sales are advised, according to ABI data

Ahmed Bawa
clock 03 May 2024 • 4 min read