LV= launches flexible pension plan
Insurance and pensions group LV= has launched a new pensions plan that can be tailored by customers to meet their individual needs.
The Flexible Transitions Account (FTA) has a variety of investment options to suit the needs of different customers.
Customers can combine and switch investment options throughout the life of the pension according to their retirement needs and aspirations.
The account has a clear charging structure and a wide range of accumulation and decumulation options.
Customers can choose to start withdrawing an income from the account at age 50, or continue accumulation until they reach 75.
Ray Chinn, LV= Head of Pensions, said the FTA combines LV=’s investment expertise ‘under one single wrapper’.
He added: “With many people currently facing uncertainty, especially those approaching their retirement, this is an ideal opportunity to introduce a one-stop pensions solution, with clear and affordable charges throughout the life of the plan and the ability to choose investment elements relevant to their needs and outlook.”
A recent Standard Life report found that most people are now planning to remain active when they reach retirement age, with many choosing to stay at work.
Pensions providers need to adapt to these changing demands, Standard Life said, by taking a radical new approach with increased flexibility.
LV=’s FTA is one of the first new pensions products released in response to this report.