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...

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 Companies

FE Fundinfo integrates portfolio analysis and cashflow planning solutions

FE Fundinfo integrates portfolio analysis and cashflow planning solutions

FE Analytics and FE CashCalc integrated on Nexus platform

Isabel Baxter
clock 07 July 2025 • 1 min read
'We didn't have the dedicated capability in place': Sesame's adviser recruitment boost

'We didn't have the dedicated capability in place': Sesame's adviser recruitment boost

Team formed to push network’s growth ‘already making a difference’

Isabel Baxter
clock 03 July 2025 • 3 min read
Shackleton adds £900m in AUM with Chetwood Group acquisition

Shackleton adds £900m in AUM with Chetwood Group acquisition

Fourth acquisition of 2025 for private equity-backed advice group

Jenna Brown
clock 03 July 2025 • 1 min read