Osborne surprised the retirement market in March with his decision to allow pension holders the option to withdraw their entire pension pot rather than purchase an annuity.
Michelle Cutler will head the research team of three to create new products to complement its existing range and offer ‘blended solutions’ which LV believes will become increasingly popular.
An example of a ‘blended solution’ could be an income drawdown product such as pension which may be too small to support the consumer’s lifestyle bolstered by an equity release drawdown product.
Michelle Cutler, head of research and development, said: “We believe that many retirees will still choose products that can guarantee their income and give them stability in the long run.
“My team will be focusing on developing flexible, customer friendly solutions that suit the new marketplace.”
