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Catch up with the latest press releases from LV=

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LV= enhances SIPP with Cofunds platform

Press release: 26/09/2011

Retirement specialist LV= has today announced that access to investments via the Cofunds platform are now available through its SIPP, the Flexible Transitions Account (FTA).

Cofunds provides access to approximately 1,500 funds from over 90 fund groups. IFAs with clients in LV='s FTA can now manage assets online via the Cofunds platform. There are no initial investment charges and there are also no switching charges for instructions received by fax[1]. The Cofunds platform is also available via LV='s simplified SIPP, 'FTA Lite' which offers lower annual plan fees[2] compared to it's standard SIPP fees.

Ray Chinn, Head of Pensions at LV= said: "Cofunds is the largest independent platform in the UK. Providing access to it through our FTA gives IFAs even greater flexibility of fund choice, with a streamlined administration process. The fee discounts that LV= and Cofunds are able to offer as part of this deal also makes this proposition great value for clients who want a simple SIPP wrapper invested in collectives.

"This partnership also demonstrates the opportunity for more traditional product providers to work with platforms and wraps to build compelling propositions for the market. Clients using this new option will get the benefit of LV='s expertise in SIPP administration and pensions, alongside Cofunds' renowned expertise in the platform space."

Alastair Conway, Sales and Marketing Director at Cofunds said: "LV='s decision to link its SIPP to the Cofunds platform is a significant endorsement of our services. Advisers selling this innovative product will be able to use our award-winning website to enable them to offer a comprehensive and professional advice service to their clients. This development is another example of Cofunds using its multi-dimensional service to work closely with a leading strategic partner."

Cofunds administers more than £33 billion in assets - a quarter of the total UK platform market, and has been the leading platform in sales for each of the last nine quarters.


Notes

  1. Cofunds will offer free switching on these accounts for fax instructions. Online switches will cost 0.25%.

  2. Standard fees for LV= FTA are: 0.55% for assets up to £75,000, 0.35% for assets between £75,000 and £1M and 0.1% for assets in excess of £1M. Under the simplified product FTA lite (which includes the Cofunds link) charges are reduced to 0.3% for assets up to £1M and 0.1% for assets over £1M. The FTA lite product is available for minimum investments of £10,000 and above, of which £3,000 must be invested in a selected range of LV funds. The reduced fees only apply whilst someone says invested in this range of funds (including Cofunds). If the client comes to take benefits, or makes any other investments outside of this selected range of funds (including Cofunds) then the standard fees will apply, and the lower fees option won't then be available.


About LV=

LV= employs over 4,500 people and serves over four 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.
LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.


About Cofunds

Cofunds is the leading independent investment platform for advisers and other financial institutions, with assets under administration in excess of £33bn (as at 01.07.11). It is an independent platform providing flexible, reliable and convenient administration and management services for advisers and their clients as well as dealing and custody services for financial institutions. It does not offer investment management or advice, nor does it compete with advisers by offering its services direct to the end client. Cofunds exists to serve the needs of institutions, advisers, their clients, and fund managers.

Cofunds is authorised and regulated by the Financial Services Authority.