Prudential is relaunching its individual personal pension and will be following this with a Sipp proposition later on in the year.
The new IPP, the Prudential Flexible Retirement Plan. offers a flexible and transparent charging structure with a choice of commission options.
The cost of advice is directly linked to charges for both new personal pensions and transfer plans. Annual management charges range between 0.9 per cent and 1.7 per cent. The plan allows consumers and advisers flexibility on how much commission is to be taken, including fee-based, level, initial and fund-based commission.
There is also a scheme on offer that rewards customers for building up funds with Prudential. Charges reduce as the value of the fund grows and are automatically reduced after 5, 10, 15 and 20 years. The annual management charge could reduce by up to 0.55 per cent for long-term customers with large funds.
Director of pensions Andy Smith says: Our new plan is designed to meet the needs of all types of consumers and advisers. We already have a large book of pensions business covering a wide range of products and the new plan is an important addition to our range. We are currently reviewing our Sipp proposition in light of the confirmed regulation and expect to launch a new Sipp later this year.