L&G launches Portfolio Plus Pension
by Gill Montia
Story link: L&G launches Portfolio Plus Pension
Legal & General (L&G) is extending its range of individual pensions with the launch of its Portfolio Plus Pension (PPP), which is available from today.
PPP takes the form of a fully insured personal pension product that makes available a choice of over 300 insured funds from over 40 fund managers.
Each payment type can be invested in a maximum of 50 insured funds, with a maximum of 100 for the plan.
According to L&G director of individual wealth products, Andy McKinnon, the choice and flexibility of the pension reduces the likelihood of needing to transfer to another plan if a customer’s situation changes.
The annual management charge (AMC) on a plan depends on the amount invested: less than £30,000 will be 0.5% to 1.5%; £30,000 and over will be 0.1% to 1.1% pa.
An additional AMC of 0.5% per year will apply until the accumulated value of the insured fund(s) first reaches £15,000 at the start of a plan month.
PPP is available directly from L&G, through independent financial advisers or on the Cofund platform.
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