Article date: 5 December 2005
In response to the Chancellor's announcement regarding the taxtreatment of SIPPs:
Iain Oliver, head of pensions at Norwich Union, commented: "In thepre-budget speech, the government has recognised the concernsraised by responsible parts of the industry and taken measures tokerb investment into residential property through pensionproducts.
"This action reduces the risk to customers; however, the totalwithdrawal of this option could have been avoided had appropriatelevels of advisory regulation been in place for A-day."
If you would like to talk in more details about the issuesraised by the pre-budget speech please call 07800 695 275.
Media Relations Team
Norwich Union Life
Tel: 01904 452617
Mob: 07800 695 275
Notes to editors:
Norwich Union is one of the UK'sbiggest insurers. It is a leading provider of life, pensions andinvestment products and one of the largest Financial Adviser (FA)providers. FAs provide over 70% of the company's long-term savingsbusiness in the UK.
Norwich Union has strategic alliances with building societies andother leading UK brand names including CIS and The Royal Bank ofScotland Group. Norwich Union’s news releases and a selectionof images are available from Aviva's internet press centre atwww.aviva.com/media.