Legal & General (L&G) has extended its range of individual pensions with the launch of Portfolio Plus.
The new plan, available directly through L&G or via the Cofunds platform, offers a choice of over 300 insured funds from over 40 fund managers.
L&G says the product will attract consumers who do not initially need self- investment or income withdrawal facilities, but who may want to use them in the future without the need to transfer to another plan if required.
It says each payment type can be invested in a maximum of 50 insured funds, with a maximum of 100 for the plan, adding divorce credits are also accepted.
Andy McKinnon, L&G director individual wealth products, says: “The Portfolio Plus Pension is ideal for IFAs who are able to recommend a fully insured personal pension.
“The choice and flexibility of the pension means it can adapt over time to a customer’s changing situation, without the need to transfer to another plan.
L&G says the AMC on the plans depends on the amount invested. Less than £30,000 will be 0.5% to 1.5% pa, while £30,000 and over will be 0.1% to 1.1% pa.
It says if the total value of the insured fund(s) is initially less than £15,000, an additional AMC of 0.5% per year will apply until the accumulated value of the insured fund(s) first reaches £15,000 at the start of a plan month. If the total value of the insured fund(s) does not reach, or has not previously reached, £15,000 at the start of a plan month, this charge will continue to apply.
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