The funds complement the Vitality Performer and Risk Optimiser funds, launched in June, and offer clients new targeted ways to invest.

Both funds have been created for clients with medium-low risk appetite in mind and invest in structured products.

The funds invest in structured products issued by Investec Bank, they are:
 
•  VitalityInvest Protector Growth Fund - designed for clients that want upside equity exposure, while safeguarding against the risk of falls in the equity market. After five years, if markets go up, clients get back their investment plus 150% of the growth in the FTSE 100 Index. If the index goes down, they get their investment back.

•  VitalityInvest Protector 3-4-5-6 Defensive Fund - designed for clients looking for alternatives to cash funds or fixed rate deposits and who are willing to take a limited amount of risk.
 
Investments in the Protector Funds are eligible to receive Vitality’s ‘Investment Booster’, which may increase the return on investments by up to 15% over 25 years.

VitalityInvest says clients may also earn discounts on their product charges and boosts on their assets in drawdown if they have a qualifying life or health policies and take steps to look after their health.
 
Both funds are available from the 8 February to 5 April as part of the VitalityInvest Retirement Plan, VitalityInvest ISA and VitalityInvest Junior ISA.
 
Herschel Mayers, chief executive of VitalityInvest and VitalityLife, said: “The new additions to our Invest proposition will give advisers a range of solutions to help support clients through uncertain times.
 
“Our unique approach to reducing the savings and retirement gap means when people save for longer and manage their income in drawdown, we boost their savings and investments and when they look after their health, we’ll charge them less.
 
“Vitality’s unique approach encouraging positive behaviour change has helped our members reach later life in better health.

“As a result, we want to continue to innovate and evolve our products to create an investment culture where people save more for longer to fund healthier lives and are rewarded for doing so.”

Chris Meyer, head of corporate and investment banking UK at Investec, said: “This partnership gives Vitality’s customers access to our award-winning Structured Deposits.

“Vitality shares our commitment to delivering real value to customers, and we're proud to be partnering with them as we work together to develop innovative solutions to help our clients meet their investment and wealth goals.”