Friends Provident is introducing a trustee investment plan aimed at defined-benefit schemes which offers access to its Activ funds platform.
The New Generation plan will enable trustees of big corporate pension schemes to invest in a range of external funds from 12 fund managers as well 20 in-house portfolios.
The Activ platform, launched earlier in the year as the group's open architecture proposition, houses 48 funds. Aside from the Friends Provident range, advisers can select from active managers including Fidelity, Lazard, Baillie Gifford and Investec.
A passive range run by BGI is available and three multi-manager funds, run internally but advised by an undisclosed investment consultancy, provide other options.
Most of the funds have an annual charge of 1 per cent or less.
The New Generation plan enables trustees to take unlimited fund withdrawals, make additional payments and switch between funds. Switches and distributions can be requested online and are free. Up to 10 funds can be held at any time.
A minimum lump sum or spread of payments over the first 12 months totalling £750,000 is required. Subsequent payments must be £50,000 or above.
Plan charges are set on a case-by-case basis and are taken through unit encashment.
Head of pensions marketing Jeremy Ward says: “The plan is designed to give defined-benefit scheme trustees access to our external fund range.”