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Re: LV
Posted: Tue Dec 15 2020 6:20pm
by Richard Frost
Re: LV
Posted: Tue Dec 15 2020 6:20pm
by BeautifulSunshine
Official_Froggitt wrote: ↑Tue Dec 15 2020 5:26pm
https://www.thisismoney.co.uk/money/mar ... tatus.html
The exact size of the cash payouts to members remains unknown and will be determined by the company's board at a later date.
The 340,000 members who hold with-profits policies with LV= will receive a 40 per cent uplift to the pool of cash available to pay bonuses when their policies mature.
Again, the precise sum with-profits members will receive as a result of the deal will depend on the individual policy in question.
A windfall for some.
Re: LV
Posted: Wed Dec 16 2020 9:21pm
by planteria
i was wondering when there would be news.
interesting that it reads as though members will receive a cash payment to compensate for their loss of membership rights, but also a potential uplift to terminal bonuses. i'll look at it carefully, but i'm already thinking about tidying up my pension arrangements by folding my LV pension pot into one of my other pensions with mutuals.
Re: LV
Posted: Thu Dec 17 2020 7:55am
by Official_Froggitt
Obviously shockingly run and on its uppers. Sold half the business for a billion over the past few years, and yet the rest of the business (including the billion) is only worth half a billion.
Re: LV
Posted: Sun Dec 20 2020 12:42pm
by planteria
an interesting point.. where did 'the Froggitt half a billion' go?
a reasonable summary of the tale so far..
https://news.sky.com/story/cash-pay-out ... s-12162705
Re: LV
Posted: Sun Dec 20 2020 6:30pm
by BeautifulSunshine
Certainly worthy of Hollywood blockbuster. They did it with The Wolf of Wall Street.
Re: LV
Posted: Wed Dec 23 2020 1:49pm
by Richest
Hi all.
Just had a letter from LV.
Confirming sale to Bain Capital, vote from members to confirm in the next few months, and deal to be complete by end of 2021 approx.
Usual lump sum cash for loss of membership, and up to 40% uplift on WP plans when policy end. A little vague about that. Just a basic letter.
Nice
Re: LV
Posted: Wed Dec 23 2020 6:27pm
by BeautifulSunshine
Richest wrote: ↑Wed Dec 23 2020 1:49pm
Hi all.
Just had a letter from LV.
Confirming sale to Bain Capital, vote from members to confirm in the next few months, and deal to be complete by end of 2021 approx.
Usual lump sum cash for loss of membership, and up to
40% uplift on WP plans when policy end. A little vague about that. Just a basic letter.
Nice
"40% uplift on WP plans" is more than "Nice"
Re: LV
Posted: Thu Dec 24 2020 10:16am
by planteria
..it depends what that actually means though.
will i be able to cash my Bond in whenever i want to, with the maturity value increased by 40%?
will i be able to cash my Bond in on any anniversary, with the maturity value increased by 40%?
if i want to merge my LV pension pot with a policy with NFUM/RLon/Wesleyan, will the transfer value be increased by 40%?
we shall see.
Re: LV
Posted: Thu Dec 24 2020 1:01pm
by Trustee
Richest wrote: ↑Wed Dec 23 2020 1:49pm
..Usual lump sum cash for loss of membership..
Hello to all the old 'faces'. How are you...?
I wish it was going to be as 'usual'.. I can remember the good old bumper cash for membership days.
More likely to be £250 or something I guess.. still, better than a poke in the eye/ sharp stick etc.
Merry Xmas and a HNY all.