Legal & General launches new individual pension plan

Legal & General has extended its range of individual pensions by launching a new individual pension plan.

The Portfolio Plus Pension (PPP) will be available through IFAs from 4 August 2008.

The new PPP is an addition to Legal & General's other Portfolio Plus pension products. It will be especially attractive to IFAs whose customers are looking for a wide fund choice, with over 300 insured funds from over 40 fund managers available. Each contribution/payment type can be invested in a maximum of 50 insured funds, with a maximum of 100 for the plan. In addition, divorce credits are also accepted. The new PPP provides the open architecture option to customers who do not initially need self investment or income withdrawal facilities, and who value the flexibility to be able to self invest and/or take income withdrawal in the future without the need to transfer to another plan if required. The plan is available directly from Legal & General or on the Cofunds platform.

Andy McKinnon, Legal & General, director individual wealth products, said: "The new Portfolio Plus Pension is ideal for IFAs who are able to recommend a fully insured personal pension. The choice and flexibility of the pension means it can adapt over time to a customer's changing situation, without the need to transfer to another plan. Our product expertise, excellent service and distribution strength will provide a significant opportunity for IFAs to choose from a broader range of competitively priced funds."

Andy Fail, Cofunds head of product said: "We are delighted to be able to extend our pensions proposition on Cofunds with the Legal & General Portfolio Plus Pension. The addition of a Personal Pension on platform will meet the needs of advisers with customers, for whom a SIPP is not currently suitable but, who want the flexibility of being able to add self-investment in the future."