Standard Life has developed a new range of savings and investment products which it says represents a new approach to with-profit savings. The three products are the MoneyWorks Plan and two single premium bonds, MoneyWorks Bond and the Prosperity Bond.

The MoneyWorks Plan replaces Standard Life's traditional endowment product but retains its participation and voting rights. It provides customers with a guaranteed minimum maturity value while allowing withdrawals and flexible premium payments. Investment linked funds are available and investors may switch between these funds without charge.

The MoneyWorks Bond replaces the existing Capital Investment Bond but has improved allocation rates and an extended range of funds including sectoral equity funds for Japan, Europe, Britain, North America and the Pacific Basin. Five free switches are allowed in each 12month period.

The Prosperity Bond invests 100 per cent of the investors money and there are no initial charges or bid-offer spreads. The first fund available to these investors is the European Protection Fund which provides exposure to the European market while providing a cushion against any significant falls in the market.