Break clause added to LV= fixed term annuity

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 ...