Projection rate changes 'won't help customers'- LV=

The watchdog wants to cut pension protection rates from 7% to 5% to give consumers more realistic expectations of retirement income. However, Ray Chinn, LV= head of pensions, said the proposed new wording and guideline rates "will not actually result in a better outcome for customers". He said the use of the term "accurate rates" would give false reassurances and suggested using the term "realistic rates", as it was "important a provider uses a rate that they believe reflects the true investment potential of a product at that point in time". "Similarly it is crucial that clients ar...