L&G to close with-profits fund to new business

Legal & General is to close its with-profits fund to new business after interest waned post-RDR.

The company said this morning that the fund will close to new business as of Saturday (31 January). New business levels have declined following the introduction of the Retail Distribution Review, L&G said. The fund will continue to invest along its current lines following the closure, and will continue to allow investments for existing endowment and pension policyholders and pensions schemes. “As [...