LV= apologises for annuity error

Kevin Neil, an IFA at Clarion, arranged a with-profit annuity for a client with a Clerical Medical pension fund. However, the fund arrived on 28 May, after the 30-day guaranteed period which began on 13 April. The difference in fund value on the original illustration and that actually received was -0.5%. But LV= issued a revised illustration by email detailing a reduction of 17.5% in the client's income. After telephoning LV= to instruct them not to proceed, Neil was told that the policy had already been set-up. "To drop the rate 17.5% in such a short space of time doesn't seem to ...