View more on these topics

LV= adds drawdown in response to Budget changes

LV= will add a drawdown option to its personal pension following George Osborne’s shock Budget changes to the pension tax system.

Clients with over £37,500 in their pension pot will be charged £175 to access income drawdown. Those with a smaller pot will be charged an initial fee of £295.

Clients will need a minimum fund size of £30,000 at retirement to access the drawdown option.

LV= life and pensions managing director Richard Rowney says: “We have launched this product in direct response to the changing retirement landscape, and subsequent adviser demand for a low cost, and simple drawdown solution. This product will be offered alongside both our guaranteed income drawdown, and our self-invested income drawdown proposition.

“Our aim is to work with advisers to provide the retirement income options that meet the needs of their clients. We recognise that those clients who would traditionally have had little choice but to annuitise in order to take benefits now have a variety of options to choose from.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm