LV='s protected retirement plan to appear on openwork panel

Leading flexible retirement solutions provider LV= has announced its Protected Retirement Plan (PRP) is now available on Openwork's newly launched annuities panel.

This is the first time LV='s  PRP has appeared on a panel deal.

PRP offers customers a secure income for a set period between three and twenty years, without committing customers into a lifetime deal. It also sets a guaranteed maturity value at the start of the plan. At the end of the defined term, people can buy a conventional annuity, transfer to a drawdown arrangement or invest in another PRP.

Openwork Limited is a leading financial services partnership with over 2,000 financial advisers operating across the UK. It operates as a directly authorised, multi-panel distribution network.

Matt Trott, LV= head of annuities, said: "PRP has had a strong first year in 2010 and this partnership will help build on its success by communicating the benefits of PRP to Openwork's advisers. Openwork is the UK's largest multi-tied financial advice network and is well recognised for offering a broad spectrum of products, so it is great that PRP is now included on this panel.

"Fixed term annuity style products like the PRP are fast becoming an integral part of the retirement market, and this deal is indicative of the mass market suitability of the product. PRP has been designed to offer clients greater flexibility in retirement, by not having to commit to a set income for life."

Graham Angell, Pensions and Investment Proposition Director, Openwork, said: "By offering access to a number of leading providers and products, including LV='s PRP,  we believe the new panel gives advisers another string to their bow and will allow them to bolster their own propositions in the run up to the RDR. We expect the panel to prove popular with our advisers and its launch further demonstrates the strides Openwork is making to enhance the range of services and products it offers network members."

LV= launched PRP in February 2010 to offer an effective, flexible alternative to a lifetime annuity and mainstream drawdown products.

For further information about LV='s Protected Retirement Plan go to LV.com/adviser