LV= extends discount on low cost SIPP

LV= has extended the discount offer on its low cost SIPP, the Flexible Transitions Account (FTA), until 31 March 2011.

The discount of up to 45% off the standard annual service charge is designed for clients looking for initial access to a simple range of funds, with the flexibility to upgrade easily to LV= FTA's full range of features and benefits as their needs change. The discount applies for the lifetime of the policy, or until it is upgraded to the full range of features.

Ray Chinn, LV= head of pensions, said: "Last year we saw IFA demand for quotes on our low cost FTA increase by a third, and we are aiming to continue this momentum by extending the FTA discount. For many advisers and clients the ability to start simple can be a great incentive to retirement saving, either through new contributions or through consolidating existing pension pots into something more manageable."

Under the discounted SIPP offer, clients are able to choose from 26 funds across: Passive/tracker, actively managed sector funds, and risk-graded multi-asset funds. Opting for this straightforward route at the beginning will not affect the clients' choices later down the line and the discounted fees will apply for as long as the plan is fully invested in the selected range of funds'.

Requirements of the discount FTA include:

The plan must be started with a single premium or transfer of at least £10,000
Clients choose one or more funds from a specially selected range at outset.
Lump sum or income benefits from their account cannot be taken at outset.
The low cost SIPP is available for applications received by LV= up until 31st March 2011.