The offshore savings arm of Alliance and Leicester, A&L International, has launched a new offshore pension reserve account.
The new product can be used as an extension of any self-administered pension, such as Self Invested Personal Pensions (SIPPs) or Small Self-Administered Schemes (SSAS), and is a 30-day notice account for cash deposits.
It offers a variable rate of 4.8 per cent AER, an interst rate guarantee above the Bank of England base rate until the end of February 2007 with a minimum opening deposit of £5,000.
"We make every effort to ensure that the needs of our growing customer base are met by regularly assessing our product portfolio and talking to customers and intermediaries," said Simon Hull, managing director of A&L International.
"Following A-Day and the simplification of pensions, the self-administered pension scheme market is expected to increase and this account will ensure Alliance and Leicester International is well placed to attract the large cash element of the schemes," he added.To read more about pensions, click here.
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