The LV= Retirement Account proposition has a number of elements and tools designed to help advisers tailor multiple product solutions, for example drawdown and annuity products, together in a single application and policy for their clients.
Advisers and paraplanners can use the provider neutral retirement scenario modelling tool, LV= Retirement Pathfinder, with their clients to explore the full range of retirement options available. Advisers will be able to project how long a client’s money will last, how long the client will be expected to live, and which type of product or combination of products might be most appropriate. The tool allows advisers to create a detailed retirement options report for their clients based on the level of income they want to achieve, to include the amount of flexibility or guarantee they require dependent on their individual needs, risk appetite and tax position. The tool has been designed to add value to adviser processes, and does not require an LV= product to be purchased.
LV=’s Retirement Account is supported by its new online service, Retirement View, which will be available to use from 7 April - the first working day of the pension reforms. The service will enable advisers and paraplanners to quote, apply and service LV= policies online, through a paperless and signatureless application. The service means that quoting and applying for a single product or a combination is easily available online in a single quote, single application and single policy document. The technology will also allow advisers to see and manage all of their clients’ options in one place.
Designed in response to adviser feedback which found that three quarters (72%) have clients who are considering blending pension income solutions, LV=’s Retirement Account will enable clients to benefit from multiple product solutions. Advisers will no longer have to complete more than one application form for a client who requires a combination of options to meet their needs, nor will they receive multiple quotation forms. LV= will also be providing suitability letter templates and guides that advisers can use with their clients.
Richard Rowney, Managing Director of LV= Life and Pensions said:
“Clients approaching retirement will soon have even greater choice as to how they take an income from their pension. We have created a proposition that will help advisers clearly demonstrate the pension changes and the opportunities that they present their clients, and make it quick and easy for advisers to purchase the right solutions on their behalf.
“Prior to the Budget we were already seeing advisers blending solutions in order to achieve a level of income flexibility and a guaranteed element for their client. We believe that the new pension freedoms will result in even greater demand as more advisers seek to combine solutions to achieve a tailored income option for their clients. Retirement has evolved and we think that our proposition, which builds on the breadth of our product suite, will help advisers to meet the income needs of today’s retirees.”
