A new investment bond has been launched through cooperation between Cofunds and Legal General.

The launch marks the rollout of new plans for pension products that will be available after April 6th – A-Day – when new rules with regards to the UK pension system come into effect.

It comes after the purchase by Legal General of a 25 per cent stake in Cofunds, the UK's largest intermediary platform.

A choice of over 200 investment funds from 40 managers will be available to those taking out the investment bond.

Independent financial advisers will also be able to get quotes and application forms online, while the potential investment bond holder is present.

The launch of this investment bond marks the start of a major advance in terms of customer choice and good value products, according to Trevor Cheal, Legal General's sales and development director.

Simon Pistell, retail investments director at the company, adds: We estimate that over £20 billion was invested in insurance bonds in 2005 and opening up this market to investment funds will be an engine for growth for the future.

He goes on to say that with more than ten per cent market share in the savings and protection market, Legal General is arguably the best placed provider to grow these two markets.