Norwich Union packages unique proposition range for retirement market

Article date: 18 October 2001

‘For the life your clients deserve afterwork’

Norwich Union - the UK’s largest life insurer – ispackaging a range of products for the retirement market into oneseamless proposition, to provide a comprehensive offering forpeople who are approaching and looking to finance theirretirement.

This package has been developed to help IFAs offer clientsgreater flexibility in retirement and highlights the breadth ofprovisions available to meet individual needs. With more and morepeople choosing to retire earlier and an increase in lifeexpectancy, the time actually spent in retirement isincreasing.

The aim of the retirement solutions package is to provide avehicle for a more efficient retirement, enabling consumers toenjoy their retirement years whilst ensuring that their money keepson working for them. As an indication in 2001, there were a totalof 17,535,000 aged 50 to 80 representing 38% of the totalpopulation aged 16-80. In 2031, there are projected to be a totalof 22,960,000 people aged 50-80, accounting for 46% of the totalpopulation aged 16-80*.

Retirement is not just about pension planning, and to reflectthis the proposition package includes annuities, income drawdown,equity release, long term care, investment products, IHT planningand pension provision within the retirement offering.

This retirement proposition from Norwich Union will beintroduced to IFAs during a series of nationwide seminars. Hostedby Norwich Union, the seminars will run from the end of October tothe end of the year and all IFAs attending will be presented withan extensive range of marketing material to help them break intothe relatively untapped over 50s retirement planning market.

Branded under the theme – ‘for the life your clientsdeserve after work’ – IFAs will have access to a wideselection of support material including CD Roms providing technicalguidance and marketing support, consumer brochures and magazines, apractical tax and trust guide, client seminar packs and a marketingtips guide. Norwich Union sales staff will also be on hand to offerIFAs additional support along with extensive technical training.Further details are also available on the IFA extranet,www.norwich-union.co.uk/ifa

Willie Mowatt, head of retirement and protection, said:“At Norwich Union, we believe we are uniquely placed toprovide for the growing retirement market. No other provider offerssuch a comprehensive range of retirement products that have beenpackaged in such a way as to focus attention on the real benefitsand flexibility that’s available.

“By providing such dedicated support to IFAs, we areillustrating our long-term commitment to the retirement market andour proactive approach to providing IFAs with the help they need tospecialise and grow their business in such an importantsector.”

For more information, IFAs should contact their Norwich Unionconsultant or contact Norwich Union on 0845 9444800 orwww.norwich-union.co.uk/ifa -ends-

Notes to Editors

  • In 2001, there were a total of 17,535,000 people aged 50- 80representing 38% of the total population aged 16-80*
  • In 2031, there are projected to be a total of 22,960,000people aged 50-80, which will represent 46% of the totalpopulation aged 16-80*
  • 4,300,000 people aged 50-79 in England own their own homeoutright (based on 1999-2001 data)**

* Government Actuaries Dept. 2001
** Council of Mortgage Lenders, CML / Building SocietiesAssociation, BSA, 1999-2001 data

  • CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK’s largest insurance group and one of thetop-five insurers in Europe with substantial positions in othermarkets around the world, making it the world’s sixthlargest insurer based on gross worldwide premiums.
  • CGNU’s principal business activities are long-termsavings, fund management and general insurance, with worldwidepremium income and retail investment sales from ongoing businessof over £27 billion and assets under management of more than £200billion as 30 June 2001.
  • From October 2000, the combined life and pensions, generalinsurance and retail fund management businesses in the UK operateunder the Norwich Union brand, while the institutional investmentbusiness operates under the Morley Fund Management brand.
  • Norwich Union’s news releases are available on theinternet on this site
  • A selection of images are available from the CGNU Newscastsite at www.newscast.co.uk
  • An ISDN facility is available for studio quality interviews.Call the press office on 08703 666873

For all life & pensions media enquiries 08703 66 68 73 Forall other media enquiries 08703 66 68 68

Press office contacts
James Evans 08703 66 68 78
out of hours 07790 487105

Louise Goffee 08703 66 68 70
out of hours 07810 057362

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