LV= adds fixed term annuity break clause
Posted in Pension Annuity News
16th May 2012
Good morning, we have a short update on annuities for you.
LV= has added a break clause to its fixed term annuity, the Protected Retirement Plan, or PRP.
This lets clients transfer to another pension or annuity product with LV= or another registered pension scheme in the event of a change in circumstances.
Changes that would mean you qualify for the break clause include becoming eligible for flexible drawdown, the diagnosis of a medical condition entitling an enhanced annuity, marriage, divorce or the death of a spouse or civil partner.
The break clause can be used within 12 months of a change in circumstances and is available for new and existing clients with an LV= PRP.
LV='s Protected Retirement Plan allows you to choose an annuity term between three and 25 years and lets you pick your income level.
John Perks from LV= explains the inclusion of the break clause means "a client is able to switch to a more appropriate retirement solution if their situation changes".
Thanks for watching, we hope this was useful
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