Legal & General is making multi-manager external funds available on its stakeholder and individual pensions from April 6.
In addition to its own funds, it will also offer a range of fund links from Deutsche Asset Management, JP Morgan, Newton Fund Managers and SG Asset Management. The funds will be available to customers through L&G's IFA division.
There is an additional 0.15 per cent charge on externally managed funds but the total cost will not exceed 1 per cent. There are no restrictions on switching between external and L&G funds.
JP Morgan is creating a new disciplined equity fund specifically for L&G and SG is creating a balanced fund and a global equity fund.
L&G head of retail pensions Randall Williams says: “The core of the fund, invested in tracker stocks and supplemented by selected 'satellite' active funds, is both an attractive and sensible strategy.”