LV= has rolled out the UK’s first online retirement advice service, to make guidance more accessible to pension savers.

The service, called Clear Online Retirement Advice (CORA), uses newly designed algorithms to generate regulated advice reports which make personalised recommendations for individual users.

LV= said it had combined web and back-office technology to allow customers to follow a simple, step-by-step process to build their retirement solution. Savers answer a series of detailed questions about their retirement needs and financial circumstances in order to provide appropriate solution recommendations, and replace the need for a face-to-face meeting.

The technology behind CORA was developed by LV=’s in-house team of regulated financial advisers and digital developers, in partnership with the automated advice firm Wealth Wizards.

Richard Rowney, managing director of LV= Life and Pensions, said: “LV= recognises that while we believe that financial advice at retirement is highly valuable, take-up is low, with many citing cost and time constraints as reasons for not seeking advice. In order to make advice more accessible and affordable to those we feel would truly benefit we created CORA. Our system offers pension savers a digital advice experience which reduces the cost of advice and allows us to offer it to people from the comfort of their own home.”

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