Legal & General launches Group Portfolio Plus SIPP

Legal & General, the largest manager of UK pension fund assets is launching a new product in the group defined contribution market.

Tony Filbin, Legal & General’s Managing Director, Corporate Wealth said, “The popularity of the deferred self invested personal pension (SIPP) has grown significantly in the individual pension market in recent months. Investors are attracted by the wider fund choice and the investment flexibility offered by the built in self invested option. We are now pleased to offer the same low cost, wide fund choice and deferred SIPP option to employers’ group pension schemes with our Group Portfolio Plus SIPP.

We believe our new Group SIPP provides excellent scheme terms and access to pension funds from our highly successful investment management company Legal & General Investment Management (LGIM). In addition we have introduced 11 ‘Lifestyle Profiles’ , which are already popular in the Group Market.”

Tony added: “Legal & General Group Portfolio Plus SIPP will offer more than 280 insured funds from 40 fund managers, one of the widest choices of insured funds available. Employers and their advisers can limit the fund range, where they believe it is appropriate to do so, to provide a low cost scheme or to ensure that scheme members are advised prior to taking the self invested route. We believe our Group SIPP will provide a much wider market for IFAs to target for new Group pension clients looking for as wide an insured fund choice as possible and the ability for selected individuals to self invest – either at outset or in the future.”