4th February 2011

LV= to launch capped and flexible drawdown in April

Following the Government’s announcement to remove the requirement to buy an annuity at the age of 75, LV= today confirms that from April, it will be ready to offer capped drawdown, and also accept pension transfers from those over 75 into its capped drawdown product.

Richard Rowney, LV= life & pensions managing director comments:

“Scrapping the requirement to annuitise by age 75 has removed a barrier that is cited by many as a disincentive for people to save into a pension, and it will also give greater flexibility over how people can take income in retirement. At LV= we will be ready to offer capped drawdown on 6 April this year. We are pleased to announce that we will also be ready to offer flexible drawdown in April, and we will confirm the detail of our proposition over the next couple of weeks.”

 “LV= is committed to offering retirement solutions to meet people’s changing needs in the changing pensions landscape, and we benefit from being able to get new products to market quickly and efficiently."

For further information about LV= please go to www.LV.com/adviser

Retirement, Pensions