Scottish Widows has introduced the Flexible Investment Bond, a unit-linked bond aimed at investors who are aged 50 and above and thinking about retirement.
Investors can choose to invest in a maximum of 10 out of a total of 23 Scottish Widows funds. This enables them to choose a range of funds for income or growth, depending on the needs of the client.
Coming into a crowded market this product offers little that makes it stand out from other, similar products.
According to Standard & Poor's, Scottish Widow's track record is middle of the road. Of the 23 funds that can be invested in, 10 have mid-range past performance, whilst two have poor performance and two have good performance, based on £1,000 invested on a bid-to-bid basis with net income reinvested over one year. The remaining 9 funds do not have one year past performance.