LV= offers Britons protected retirement plan with advantages of an SIPP pension
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The insurance company hopes to provide pensioners with a greater degree of flexibility.
A leading insurance provider has unveiled a so-called protected retirement plan (PRP) with the full investment options available under a SIPP pension.LV= said that it's first fixed-term retirement product has been created to offer consumers breathing space in the initial stage of their retirement.
The insurer claims to have introduced the PRP for pensioners who want the security of a fixed income over a set period, as well as the opportunity to re-evaluate their options at the end of the plan.
As consumers' personal circumstances may change, the new offer provides them with the option of switching products later in life.
Matt Trott, head of annuities at LV=, explained that the PRP is the latest product released onto the ever-expanding 'third way' annuity market.
He said: "Giving people the ability to reassess their retirement income needs after set periods means that they can benefit from a product that suits their individual requirements at a particular time.
"Effective retirement planning needs to be as flexible and fluid as possible to reflect the wider pensions landscape and the demographic of today's retirees. The new LV= PRP product enables consumers to retain choice over their changing retirement needs."
Meanwhile, Standard Life recently announced strong performances from its self-invested personal pensions.
The Scottish insurer witnessed growth in its individual SIPP customer base in the last year and there was a 36 per cent increase on SIPP assets under administration.
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