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L&G launches individual pension plan

Legal & General has launched a new individual pension plan.

From today, L&G’s Portfolio Plus Pension, which is in addition to the firm’s portfolio plus products, will be available from IFAs, directly or on the Cofunds platform.

The product, with over 300 insured funds from over 40 fund managers available, allows each payment type to be invested in a maximum of 50 insured funds, with a maximum of 100 for the plan.

In addition, PPP provides the open architecture option to customers who do not initially need self-investment or income withdrawal facilities.

L&G director individual wealth products Andy McKinnon says: “PPP is ideal for IFAs who are able to recommend a fully insured personal pension. The choice and flexibility of the pension means it can adapt over time to a customer’s changing situation, without the need to transfer to another plan.

“Our product expertise and distribution strength will provide a significant opportunity for IFAs to choose from a broader range of competitively priced funds.”

Cofunds head of product Andy Fail says: “The addition of a PPP on platform will meet the needs of advisers with customers, for whom a SIPP is not currently suitable but, who want the flexibility of being able to add self-investment in the future.”

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