LV= Annuities

LV= or Liverpool Victoria are another of the leading annuity providers in the UK. Established back in 1843, their aim was to provide insurance for the many not the few, and is one reason why the company is still a mutual. As with many annuity providers they offer a range of options when it comes to retirement income.

LV= can offer annuities to anyone aged over 55 who has been saving into a pension fund. You will have the opportunity to exchange your pension savings for a monthly income until death, with up to 25% of your money being available to be taken tax-free when you buy the annuity. If you have any illnesses (past or present) that you think could impact on your life expectancy, or if you smoke or drink on a regular basis, then you could be eligible for an LV= enhanced annuity. These pay a higher rate than conventional annuities.

With Profits Annuities

Along with other annuity companies, LV= also offer what are known as with-profits annuities. These are a form of investment-linked annuity whereby the amount of annual income you receive is tied to the relative performance of a with-profits fund (where your money has been invested). These kind of annuities are higher risk compared to standard annuities, so you should make sure you can cope with a potentially lower income. Often people who take with-profit annuities have other sources of retirement income to fall back on.