LV= launches low-cost online-only pensions advice service

Pension on calculator

The retirement income market is hotting up with the launch of a highly-competitive online advice service from LV=, costing as little as £199.

Customers will be able to access the insurer's qualified financial advisers during the process, who can recommend income solutions "from across the market" for people ready to convert their pension into an income.

Customers can access an "online income shaping tool" for free, that will generate a report spelling out the products on the market and their pros and cons.

From that point, customers can choose between two price levels. For £199 they can access a detailed "personalised regulated advice recommendation on the most suitable products for them". LV= says this could include buying an annuity, using income drawdown, deferring taking action, or a blend of different income solutions. It includes a discussion with a financial adviser to talk through the recommendations.

For a further £499 LV= will also complete all the required paperwork, contact existing pension providers and organise the payment of any tax-free cash.

Accessible and cost-effective

The service, called Clear Online Retirement Advice (CORA), aims to make advice "more accessible and cost effective", clearly aimed at people who might not feel the government's free Pension Wise guidance service goes far enough – but who might not wish to pay the sometimes hefty fees charged by independent financial advisers.

Richard Rowney, managing director of LV= Life and Pension, said: "Financial advice helps pension savers make the most of their funds. However, we recognise that there are many retirees who do not plan to see an adviser before they access their pension.

"To ensure that middle Britons approaching retirement do not miss out we have changed how advice is offered. CORA has been designed to help demonstrate the value of advice to those who would not typically seek it.

"By making the advice available online it means that pension savers can access valuable information from the comfort of their homes, whenever it suits them, safe in the knowledge that our expert advisers are on hand to help.

"Making those approaching retirement aware of the choices the pension freedoms afford them will ensure that they make an informed decision about how they take an income from their pension. For some an annuity will remain the best option for them, for others it will be drawdown, however many could benefit from mixing and matching solutions to achieve the level of income and flexibility they want in retirement."

The service is available at

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Your Comments

There seems to be some flaws in LV='s online retirement advice:-
The link in the text above doesn't work.
There's nowhere to enter the value/benefit of any final salary scheme you may be entitled to
The annuity rate it offers as the 1st choice scenario seems to be approx 0.5%., not a great rate of return!
and it assumes that everyone will get the new flat rate pension (which of course cant be assumed becuase it depends on your national insurance payments/credit record).
If I was paying £199 for this advice, i'd be very upset!

Hi Portland Bill.

Very interesting comment, thank you. I'm guessing the assumed rates of return etc are used for the free report only, and if you pay the £199 you will speak to an adviser and be talked through alternative annuity/drawdown products, taking into account your actual state pension forecast etc.

Hi Portland Bill,
“We’re sorry to hear that you are not happy with your experience as we are committed to helping pension savers get access to valuable retirement advice. The information you require is provided in the £199 report. If you call 08000323214 and ask for Suzie MacNee she would be happy to discuss your experience with us.”