Legal & General has increased charges for small savers across almost its entire pension fund range but it is to expand its products to include a deferred Sipp and an openarchitecture pension.
Those with less than £15,000 invested will face a temporary additional AMC of 0.5% (0.2% non commission) on top of the 1% they already pay.
But those with £15,000 to £25,000 of assets will see their annual charges drop 0.1% to 0.9%.
Charges for upper bands remain the same.
The changes apply to its stakeholder pension, personal pension and Sipp offerings although the direct online Stakeholder pension is excluded from the temporary additional charge.
The group is also expanding its range of offerings.
This includes the launch in August of a lower-cost deferred Sipp which allows investors to postpone the self-investing element.
Tony Filbin, Legal & General's head of retirement products, said: "At a later date we will be offering an open architecture pension on the Cofunds platform where the charges will reflect the level of investment diversification chosen."
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