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Although they are now known by their abbreviated name, LV was formed as Liverpool Victoria in 1843. Although they make have changed their moniker, their original aim of providing financial security to regular people remains the same. It is a mutual company which means that there are no external shareholders to worry about. LV refers to itself as the UK’s largest friendly society and they take great pride in being able to protect their customers with regards to pensions, insurance and savings. LV has received a number of 5 star ratings from Defaqto including one for their Self Invested Personal Pension (SIPP).
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Their With Profits Retirement Plan (WPRP) is a plan that is tax-efficient and placed within their special with-profit fund. You can make individual payments to your plan and are eligible if you’re a UK resident and under 69 years of age. Their Flexible Transactions Account (FTA) is also tax efficient but offers far more investment options than the WPRP. You can make single payments as well as the usual regular ones and it is possible to transfer funds from other pension plans.
Their Protected Retirement Plan allows you to buy a fixed term retirement product with your pension. When you start the plan, you can choose whatever income you like for a certain period of time as well as death benefits. At the end of the plan you will receive a lump sum payment. At this stage you can then buy annuities, transfer to another unprotected pension plan or invest in another Protected Retirement Plan. If you pass on before the end of the plan, your loved ones will at least have some financial security. This has been recommended as an ideal peace of mind strategy.
Although you can contact LV for advice, in order to benefit from one of their plans you will have to contact a financial advisor.