LV= adds break clause to fixed-term annuity

by Gill Montia

Story link: LV= adds break clause to fixed-term annuity

LV= has added a break clause to its fixed-term annuity, allowing customers to transfer to another pension or annuity product with LV=, or another registered pension scheme, in the event of certain changes in circumstance.

These include becoming eligible for flexible drawdown, the diagnosis of a medical condition which qualifies for an enhanced annuity, marriage, divorce or the death of a spouse or civil partner.

The break clause can be used within 12 months of such an event and is available for new and existing clients with an LV= Protected Retirement Plan (PRP).

Commenting on the change, John Perks, LV=’s managing director of retirement solutions says: “We know things happen in life that can’t be planned for and the increased flexibility offered by our PRP, for new and existing clients, makes it a very strong proposition.”