Pensions Payment Promise From Liverpool Victoria

Lump sum payments for pension commencements are being guaranteed to be paid within seven days say Liverpool Victoria, and if not customers will receive GBP1,000 compensation.

The new Liverpool Victoria guarantee will also incorporate one of their SIPPs, applicable to all applications received up to the end of June this year. The Managing Director of Life and Pensions at LV= explained that, once all the paperwork has been received there really is no reason for the tax free sum to take longer than a week to be paid out.

He went on to say that Liverpool Victoria are showing the marketplace just what can be done, leading the way to show both companies and clients what is and is not acceptable.