Legal and General revamps pensions

Legal & General has revealed changes in its individual pension product suite.

The move is a result of changes in the market and is the first stage in its bid to offer a fully open-architecture pension product.

Legal & General is expecting growth in its business and its revamped individual pension suite includes a 'Sandler' stakeholder pension.

Under the scheme, the charges mirror those under its individual personal pension for advised sales.

The key changes include a single tiered charging structure, within the new Sandler limits, across all contribution levels.

Tony Filbin, Legal & General's head of retirement products, said: "The Sandler
Review, pensions simplification and the need to provide greater investment choice has led to the industry revamping its product range."

"As a first stage, in response to the rapidly expanding market we will be offering a deferred SIPP to our individual customers that provides greater flexibility, value for money and administration focus.”

"Rather than requiring that the customer must self-invest from day one, our revamped SIPP is designed as an entry-level product for those investors who may wish to self-invest at outset or in the future."

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