LV= launches flexible retirement option

Monday, 08 February 2010 12:00

LV= has launched a new retirement plan which provides a secure income for customers without locking them into a lifetime deal.

The Protected Retirement Plan (PRP) is a flexible alternative to lifetime annuities as it provides a fixed income over a set period, but allows customers to review their options at the end of the plan.

According to LV=, it is the ideal option for people who don't want to be locked into a product for the rest of their life through concerns their circumstances, or legislation, might change.

Matt Trott, head of annuities at LV=, said: "Giving people the ability to reassess their retirement income needs after set periods means they can benefit from a product that suits their individual requirements at a particular time."

The PRP allows customers to choose any term between three and 25 years and it offers a variety of death benefits options.

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