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L&G offers refund deal on Pep and Isa charges

Legal & General is promising to refund the 1 per cent annual management charges for Pep and Isa transfers as long as the investment remains with the company for the rest of the year.

The offer applies to transfers into L&G&#39s index trackers or high-income trust made before April 30.

A cheque will be paid early next year, provided the money is held in the fund until December 31. The offer applies only to lump-sum investments and not regular savings.

L&G is a specialist in passive fund management and had £78bn – around three-quarters of the funds under management of its investment arm – in index trackers when it disclosed figures last November.

Retail investments marketing director Claire Stracey says: “Many Pep investors have substantial sums built up. Moving to one of L&G&#39s index-tracking range could significantly reduce the amount they are paying in management fees.

“We have built our reputation in the retail investment market by offering excellent value for money products. We are extending our special offer to enable more people to take advantage of our value for money approach.”

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