PRP's availability on Exweb means that financial advisers can now obtain instant personalised quotations for clients at a time to suit them, with the ability to quickly and accurately compare the value of a fixed term annuity style product against a lifetime annuity product on a single web-site. LV= is only the second company to provide fixed term quotations through this platform, and the only fixed term product provider whose quotations contain tax free cash. The quotes are available within the transfer / IVPP section of the existing annuity service on Exweb.
LV= launched its PRP fixed term retirement plan on 8 February 2010, and it was quickly recognised by the financial adviser community as a welcome innovation to meet clients' changing needs in retirement. The PRP has been designed to provide breathing space for customers in the early years of their retirement. It offers a pre determined period of secure income, where customers fix the basis of their plan which can not be cashed in or changed over that period. Importantly, people are not locked into a lifetime deal at the point of retirement, and the PRP plan gives a guaranteed maturity value at the end of the term.
Matt Trott, LV= head of annuities, said: "Launching PRP onto Exweb shows our ongoing commitment to the intermediary market and our readiness to use technology to streamline the quotation process wherever possible.
"Being able to provide accurate quotes in real time is an important service and one we have prioritised for PRP. We are confident that the launch of PRP onto Exweb will help advisers to serve their clients more effectively."
