LV=, also known as Liverpool Victoria, has committed to get tax free cash to their Annuity Pension holders within five days of receiving all relevant funds and documentation. If this is not achieved they have promised GBP1000 compensation.
Earlier this year Liverpool Victoria unsecured pension holders were told that they would get a similar deal so this step is a continuation of LV=s steps to put the customer needs first. Lump sum payments from pensions are a vital aspect of the whole retirement package, so receiving the funds promptly takes a great deal of stress out of the process.
A spokesman from the organisation said that Liverpool Victoria was well aware of their customers needs and was doing all it could to streamline the process for customer benefit.
The investment management team at Legal and General is currently looking at the future of pension schemes, concerned by the many different rules and regulations that are being placed on them.
Since 2001 there have been over 400 different pension regulations said a Legal and General spokesman, and there is concern that they are making it more difficult to attract people into company pension schemes because of all the red tape that now seems to surround them.
What a Legal and General pension customer wants is to understand the basics of how it works and have a pretty good idea of the final return when it comes to retirement. The many different regulations are moving further away from this basic concept and are making things much harder to explain in laymans terms.
A free guide to annuities is being offered by Saga, helping people understand the options open to them at retirement and how to make the best of what is on offer.
The Saga guide is very up to date, with full details of how the OMO (Open Market Option) works for buying an annuity. It explains how it enables people to shop around to find the best annuity to suit them, rather than being tied to their pension fund provider. At the moment only around forty percent of people are actively using the Open Market Option, but it is hoped that this information will prompt more to see how it can be of benefit to them.
The advice from Saga is that anyone approaching retirement should have a look at the guide so they can weigh up their options. It can potentially save lots of money and ensure the package selected best meets customer needs.
