EVERY new personal pension plan which comes on the market these days promotes its flexibility, wide range of investment choices and lower charges. Welcome as this maybe, the jury will remain out on the winner until the real test results come in - that is, when, all this restyling produces better fund results. Meanwhile, anyone seeking a personal pension still needs considerable guidance in choosing the right plan.

Hot on the heels of Scottish Provident's new pension range, and obviously going after the same higher net worth individual and corporate market, is Canada Life's new pension plans, known as the Premium and Choice Retirement Plans.

Central to the "Choice" plan is the removal of penalties for the person who changes jobs or careers and wants to transfer their pension, interrupt contributions, index contributions to salary increases, etc. Both the Choice and Premium options allow the client to choose not only the investment manager (Canada Life Investment Managers or Bank of Ireland Asset Managers) but a range of six unit linked and with profit funds from which to choose. The company insists that mixing unit linked and with profit funds is unique to its new product.

While its cost structure is on the low side, Canada Life's fund performance has been consistently good for a number of years and this, of course, should be the ultimate test of a viable pension product. A good independent adviser will be able to sort through and compare the various extra features offered by this and other new generation personal pension plans.