Winterthur Life is joining the growing number of stakeholder providers with its stakeholder pension.
Designed as a group stakeholder pension, it has an annual management charge that ranges between 0.4 per cent and one per cent. The exact charge will vary from scheme to scheme and depends on the average annual management charges of the funds chosen and the scheme size. Even if all available funds are selected the charge will not go above the one per cent cap.
The pension comes can be linked to 17 funds. Four of these, the International, fixed interest, index linked and deposit funds are Winterthur funds. The other thirteen are provided by external fund managers including Schroder, Deutsche, Baillie Gifford, Gerrard, BGI, Newton and Close.
Initially investment will be into the default fund, the Winterthur BGI consensus managed fund. After joining investors may select their own funds.
According to Standard & Poor's the Winterthur BGI consensus managed fund is ranked 55 out of 194 funds, based on £1,000 invested on a bid to bid basis with gross income reinvested over one year to April 16, 2001.