LV= removes pension exit charges

Follows FCA ruling in November

Tom Ellis
clock • 1 min read

LV= has removed all pension exit charges from its products, allowing customers to switch to other providers without incurring a fee.

The insurer had already pledged to remove its exit charges in July. The firm said this was part its commitment to ensure all customers get "the best possible outcome in retirement". Last month, the Financial Conduct Authority announced its final rules on capping early exit charges. The regulator stated that, from 31 March 2017, early exit charges would be capped at 1% for existing pensions and 0% for new contracts. This was to give people the freedom shop around and choose their retirement products following the government's pension freedom reforms in April 2015. LV= managing di...

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