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Catch up with the latest press releases from LV=

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LV= confirms RDR strategy

Press release: 23/10/2012

Retirement specialist LV= today confirms that its retirement products and systems are RDR ready, and the different charging methods that will be implemented on new business from 22 October 2012 (table below), are as follows:

How LV= will implement adviser charging from 22 October 2012

Product

Initial charge

Regular premium initial charge

Ongoing charges

Ad hoc charges

Enhanced Annuity

Tick
N/A


N/A


N/A


Fixed Term Annuity

tick
N/A


N/A


N/A


Pension Income Plus Annuity

tick
N/A


N/A


N/A


SIPP

tick
tick
Quarterly only


Tick

Flexible Guarantee Bond Series 2

Tick
N/A


Monthly, quarterly, yearly & half-yearly,
Tick

Pipeline and commission:

LV= will run either adviser charging or commission in the run up to RDR implementation on 31 December. SIPP, annuity and Flexible Guarantee Bond quotes can be requested up until and including 30 December 2012 on a pre RDR commission basis. If a re-quote is requested or the application is then received by LV= after this date, as long as the original quote is dated before 31 December 2012 it can be processed on commission terms, provided no further related advice has been given. Flexible Guarantee Bond applications must be completed before 9 February 2013, and SIPP and annuity applications before 6 April 2013, otherwise they will need to be charged on a post RDR basis.

Quotes for LV=’s SIPP, annuities or Flexible Guarantee Bond requested on or after 31 December will automatically be on a post RDR charging basis.

LV= has a dedicated RDR section on its website for advisers. The pages include information on what the RDR changes mean, the practical issues arising from them, how LV= is implementing adviser charging from 22 October 2012 and related deadlines. It also includes a series of sales aids designed to help advisers position their offering and services post-RDR.

Phil Brown, LV= Head of Retirement Proposition, said: “The implementation of RDR means that many advisers are having to remodel their businesses. We hope that by announcing our RDR proposition well ahead of the December deadline, we are providing advisers with much needed clarity and certainty as to how we will facilitate adviser charging.”

“We are keen to support advisers through this change and alongside our dedicated RDR web pages that will be regularly updated as the deadline approaches; we will soon be announcing an RDR webinar for advisers.”

LV=’s Flexible Guarantee Bond, enhanced annuity and investment linked annuity will continue to support commission on intermediated non-advised business once RDR comes into force.

To find out more about LV=’s flexible range of retirement products go to www.LV.com/adviser.

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LV=

LV= employs 5500 people and serves over five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trades unions.

Liverpool Victoria Friendly Society Ltd: County Gates, Bournemouth BH1 2NF

LV= is a registered trade marks of Liverpool Victoria Friendly Society Limited (LVFS) and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. NM Pensions Trustees Limited, (registered in England No. 4299742), act as Trustees and Scheme Administrators. Authorised and regulated by the Financial Services Authority, register number. 463402. Registered address for all companies: County Gates, Bournemouth BH1 2NF. www.LV.com