Scottish Widows is offering a stakeholder pension which gives policyholders access to external funds and pays standard Lautro commission levels.
The company says its plan meets the Govern ment's standards as well as offering access to a range of 17 investment funds managed by Widows and funds from Merrill Lynch, Schroders and Newton.
Widows says it is revealing product details ahead of the April launch of stakeholder because IFAs looking to designate schemes for their corporate clients want to see full product details before making recommendations.
The range of external funds offers a choice of active and passive funds all within a 1 per cent annual management charge.
IFAs will be paid initial commission on the regular premiums of up to 45 per cent of Lautro rates. Fund-based renewal commission is 0.36 per cent.
Widows is also reducing its charges on existing personal pension schemes set up from 1988.
The move means that around 278,000 of Wid ows' policyholders will benefit from stakeholder-equivalent charges from the second quarter of this year.
Senior manager (stakeholder pensions) George Andrew says: “We are now in a position to offer access to the detail of our product and a full range of support material for independent advisers looking to designate stakeholder pensions for their employer clients in the run-up to the launch in April.”