View more on these topics

LV= in talks over DB pension transfer service


LV= is planning to launch an advice service for defined benefit pension transfers, Money Marketing understands.

The pension provider is in talks with actuarial consultancy Hymans Robertson, which advises trustees of DB schemes, to create a referral system in which LV= will provide the advice required by legislation.

New FCA rules mean people transferring out of DB schemes with benefits worth £30,000 or more must first speak to a financial adviser holding the pension transfer specialist qualification.

The pension reforms have boosted the appeal of defined contribution pension, increasing members’ appetite to transfer out of DB schemes.

However, the tighter regulatory framework on transfer advice and fears over future claims from so-called insistent clients have restricted the supply of advisers willing to work in the area.

LV= will provide interested scheme members with guidance on the trade offs between a DB pension and a DC arrangement, as well as giving advice to those who want to proceed, Money Marketing understands.

LV= and Hymans declined to comment.

Separately, LV= this week announced it has invested in a majority stake in automated advice firm Wealth Wizards.

The insurer has not disclosed the size of its holding or how much it will inject into the business, but it does say the deal will enable Wealth Wizards to develop a white-labelled platform.



LV= acquires majority stake in robo-advice firm

LV= has invested in a majority stake in automated advice firm Wealth Wizards. The insurer has not disclosed the size of its holding or how much it would inject into the business. But it does say the deal will enable the technology firm to develop a white-labelled platform. LV= and Wealth Wizards were already collaborating […]


Drawdown boost pushes LV= sales up 20%

Growing demand for drawdown has helped push LV=’s life and pension sales up 20 per cent in the first six months of the year. Sales of retirement products, including drawdown, annuities and flexible bonds, are up 15 per cent from £625m to £720m, the firm’s six-month trading statement shows. Sales of flexible bonds, an investment-linked […]


LV= rolls out Treasury-backed pension passport pilot

LV= has begun roll out of a new pension passport pilot, designed in conjunction with the Treasury, in a bid to boost shopping around at-retirement. The Treasury unveiled the plans in late April, with then City minister Andrea Leadsom promising the work would complement services offered through retirement guidance service Pension Wise. LV= began sending […]


LV= scraps £30k minimum drawdown limit

LV= has removed its £30,000 minimum pot size for customers entering flexi-access drawdown. The mutual says it originally introduced the restriction based on how it expected people with small pots to access their savings. But now it says it wants to “ensure all of our customers are able to take advantage of the pension freedoms, […]


News and expert analysis straight to your inbox

Sign up


There are 5 comments at the moment, we would love to hear your opinion too.

  1. Interesting.

    And no doubt when the advice is deemed to be appropriate to transfer out of he DB scheme, it will be an LV = SIPP/PPP that receives the CETV, as opposed to the most suitable “whole of market” pension product.

    And the cost of providing the advice. Is this to be paid for/subsidised by the DB scheme sponsoring employer, who of course have a vested interest in encouraging as many deferrred members as possible to transfer out of the scheme?

  2. peter mulholland 7th August 2015 at 2:14 pm

    Agree Tony
    It doesn’t sound write
    Doesn’t look write
    And will end in a future date as “legacy issues” for Lv

  3. That would be ‘right’ and ‘right’ Peter.

  4. peter mulholland 10th August 2015 at 1:36 pm

    oh thank you Chris haha (dear oh dear 🙁 )

  5. Somehow, I can see this ending in tears.

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