LV= puts its money where its mouth is!

LV= has underlined its service commitment by putting its money where its mouth is by being the only provider in the life and pensions market to pay compensation to consumers if they do not receive their tax free cash within seven working days on its range of Unsecured Pension plans.

The recently launched LV= flexible retirement solutions business has demonstrated the strength of its commitment to delivering exemplary service by guaranteeing that Pensions Commencement Lump Sum payments will be paid within seven working days, or £1,000 compensation will be paid to consumers.

This is a four-fold increase of the amount of compensation previously offered by the Tomorrow business that LV= acquired and re launched under its own brand in January 2008. In addition, the commitment has been extended to include the LV= Discretionary Management option and Fund Supermarket SIPP.

Rodney Cook, Managing Director of the LV= Life and Pensions business said: “We understand that service standards count to both financial advisers and their clients. When all formal documentation has been received by us there is absolutely no reason why clients cannot have their tax-free cash paid within seven working days. We believe so strongly in service excellence and our administration capabilities that we want to make a statement to the market about just that.”