Nationwide launches Legal & General (L&G) Portfolio Bond

Nationwide has launched a new Legal & General (L&G) Portfolio Bond. The L&G Portfolio Bond has been launched for those who wish to take a regular withdrawal to provide income, something that is becoming increasingly important for those who rely on this income to support their retirement. A number of highly rated funds have also been added to Nationwide's existing fund platform to extend the choice available and enable customers to build income or growth investment portfolios.

Customers can invest in any of the funds available through Nationwide through a Unit Trust, Open Ended Investment Company (OEIC) or within a tax-efficient Individual Savings Account (ISA) or within the new Portfolio Bond. From 6 October 2009, customers aged 50 on or before 5 April 2010 will have an ISA allowance of £10,200 - an increase of £3,000 - of which up to £5,100 can be saved in a cash ISA and the remaining balance or the full £10,200 allowance in a stocks and shares ISA.

Nationwide's director of insurance and investments, Robin Bailey, said "In a low interest rate environment, Nationwide is acutely aware of the need to offer a range of investment products that are capable of generating additional income for our investors.

"Our Senior Financial Consultants are on hand to help customers make the choice they believe is right for them and appropriate to their individual circumstance, when selecting an investment portfolio for income or for growth. We believe that the L&G Portfolio Bond is good news for those customers who are looking for regular a withdrawal to provide them with a fixed level of income from their investments, whilst the new leading funds we have added to our platform offer more choice to customers."

L&G Portfolio Bond

A regular withdrawal can be taken monthly, quarterly, six monthly or annually to provide a fixed level of income.

No fixed term, though customers should aim to invest for at least five years.

Minimum investment of £5,000, with at least £1,000 in each fund. There is no maximum investment.

A range of 21 investment funds available, offering access to a range of leading fund managers.

The ability to invest in different assets and a choice of different investment approaches from low to high risk.

Flexibility to meet changing investment needs. Customers can increase their plan by investing up to five further lump sums of at least £5,000, with at least £1,000 in each fund available at the time.

The L&G Portfolio Bond is exclusively available through Nationwide's Senior Financial Consultants (SFCs).