Lincoln Financial Group is offering a low-cost personal pension designed as an alternative to stakeholder.
Personal pension direct has an annual fund management charge of 0.9 per cent. It has no bid/offer spread and a 100 per cent allocation rate fixed throughout the contract.
The plan is available over the internet and phone or through the post.
All Lincoln's funds are available on the contract and it also has a range of external fund links from managers including Goldman Sachs. Inv-estors are allowed one free fund switch a year.
The plan accepts single and regular contributions and customers can opt for automatic increases either for fixed percentages or in line with inflation. Contributions can be varied and contribution holidays can be taken but waiver of premium is not available.
There is no initial charge and no policy fee for plans that are in force. The plan does not pay commission.
Lincoln customers with the company's stakeholder guarantee can switch to the new plan without penalty.
Minimum regular gross contributions are £30 a month for existing customers and £50 a month for new customers. The minimum single contribution is £2,000 and additional single contribution is £300.
Head of communications Ian Crowder says: “Personal Pension Direct is a highly competitive product offering a real alternative to stakeholder and we are confident that new and existing customers will realise the benefits it will bring.”