Hit providers with £50 levy on pension plans sold to existing customers, says LV=

The firm's retirement solutions managing director John Perks said such a levy, if kept simple, would create traction among consumers to shop around in the open market. He argued providers "should be penalised" for keeping consumers on their books, saying shopping around was key to consumers choosing the right product in retirement. The levy could also help fund the government's guidance guarantee service Pension Wise. The regulator determined in its thematic review of the annuity market in December one in five of those who purchase an annuity with their existing pension provider ar...