Unsecured Pension Income Compensation LV
Published / Last Updated on 18/03/2008
Unsecured Pension Income Compensation LV
Liverpool Victoria says they are guaranteeing that pension lump sums will be paid within seven working days on its income drawdown (unsecured pension income) plans or £1,000 compensation will be paid to pensioners.
This commitment has also been extended to include the Liverpool Victoria discretionary management option and fund supermarket Sipp.
Our view
This has fairly limited appeal as many people will not be looking to unsecured pension income plans to draw benefits. Whilst it is gimmick and a headline grabber, we hope it sets a tone for all other providers that offer poor service to look at compensating their own mistakes.
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