LV has entered the discussion around pensions freedom and proposed that the government should make the provision of guidance to those accessing their savings compulsory.

According to Richard Rowney, managing director of life and pensions at LV: “It’s essential that all consumers are able to access affordable, regulated advice but when people can’t, or don’t, take advice we believe guidance should be compulsory.

“The low take up of advice,” he says, “is leading to a mis-buying crisis where people are making important financial decisions without adequate support.”

“We fully support the introduction of a merged, one-shop money and pensions guidance body.

“Making guidance mandatory, and increasing accessibility of advice, would be beneficial to all, as not only would individuals be better off but they would be less likely to rely on State support in retirement and would contribute more to the UK economy.”

LV says that some half a million people retire every year having taken no financial advice, while Citizens Advice recently announced their findings that only 30% of those exercising their right to access their pension funds had actually compared different retirement products.

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