BCP Stockbrokers and Acorn Life have teamed up to offer a Pension Share Account product for the upcoming December/ January pension season.

The product is designed to utilise recent legislation allowing individuals increased flexibility and control over their own pension funds.

The approved tax-exempt pension plan account allows the purchase of shares in any of the world's stockmarkets including the Republic, UK, US and Europe.

The product, which is available to both personal and corporate pension investors, is based on direct share investments providing an alternative to traditional unit-linked or with-profit pension funds.

The minimum investment is £15,000. This may be a once-off investment or an additional £7,500 may be added the following year. The initial set up charge for the account is 5 per cent. The fund management charge is 1 per cent per annum.