LV= Flexible Transitions Account Low Cost Option

Type: Hybrid self-invested personal pension

Minimum investment: Lump sum £20,000, additional regular premiums from £25 a month

Investment choice: 130 funds from Artemis, BlackRock, BNY Mellon, Fidelity, Henderson, Invesco Perpetual, Investec, J.P. Morgan, Jupiter, Liontrust, M&G Martin Currie, Premier, Schroders, State Street Global Advisers and Threadneedle

Options: Ability to switch to the higher standard charging structure to access other investment options available through the Flexible Transitions Account

Charges: Annual 0.25% for the first £1m invested, 0.1% for any amount over £1m, plus fund charges depending on funds selected. Establishment fee of 1.2 per cent for each 1 per cent initial commission taken by the adviser can be charged over a period of up to five years

Commission: Subject to negotiation with initial, ongoing and ad hoc options, available on factory gate pricing basis for fee-based advisers