According to the bank, customers can choose either a basic investment solution, comparable to a stakeholder product, or to diversify their pension assets, including the option of a ‘select choice’ fund proposition.
Barclays director of investment advice and products David Stuart says the new pensions offer everyday pensions investors something much more flexible than a stakeholder plan but without the more complicated structure or cost implications of a full Sipp.
He says: “We offer the structure of a stakeholder pension with the option to place pensions’ assets in something more than a basic UK fund. In current market conditions it is still as important as ever to plan for retirement and we have seen customers wanting to look at alternative investments which would not be available in a basic stakeholder pension. This new product gives them that option.”