LV= has launched a personal pension with a 0.25% annual service charge, with additional investment management charges.
The pension offers access to 130 funds from 16 fund management groups including Threadneedle, Fidelity, M&G, Schroders and State Street Global Advisers.
Investors in the personal pension can move into LV='s full SIPP, the flexible transitions account (FTA), if they require more investment options, Ray Chinn, head of pensions at LV=, said.
"With regulatory scrutiny on clients incurring unnecessary SIPP charges we are pleased to be able to offer this simple, clear, low cost option within our wider SIPP wrapper," said Chinn.
"We appreciate that some clients want a no-frills, straightforward personal pension, and the wide range of investment funds available means that advisers can easily tailor the plan to suit their client's risk appetite."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected