LV= has created a dedicated research and development team to develop new products and solutions designed to help consumers benefit from the new pensions landscape which was announced in the Budget.

The team of three will be headed up by Michelle Cutler who has been appointed Head of Research and Development. The team’s responsibilities will include researching new retirement income solutions and delivering new product propositions. LV= was first to market with a one-year annuity only 10 days after the Budget announcement.

Cutler has been at LV= since 2011 and joined as Head of Investment-Linked Annuities. She has experience in both the annuities and retirements solutions markets. Prior to joining LV=, she was at Just Retirement where she was responsible for looking after equity release products. The team will report into Philip Brown.

Cutler said: “The creation of this new team shows LV=’s focus on the right outcome for consumers. We believe that many retirees will still choose products that can guarantee their income and give them stability in the long run and my team will be focusing on developing flexible, customer friendly solutions that suit the new marketplace.”

Brown, LV= Head of Retirement Propositions said: “LV= is committed to creating products that enable those in and at retirement to make the most of their pension savings and we have been first to market with many retirement propositions; including flexible drawdown and one year fixed term annuities launched just 10 days after the Budget.

“We want to ensure that we continue to offer customers innovative and quality products and the formation of this team is in direct response to the recent retirement income changes. Following the Budget announcement we want to ensure that by building on our already comprehensive suite of retirement products, we will continue to enable advisers and clients to take full advantage of the new rules.”