Article date: 14 February 2006
- Sipp to use Lifetime platform with support from SuffolkLife
Norwich Union today launches its new SelfInvested Personal Pension (Sipp) which will provide access to awide range of funds from Norwich Union and a range of external fundmanagers*. The new product will give financial advisers specialisttools including risk profiling analysis and asset allocationmodeling tools, to enable them to better advise theirclients.
The new tools will all be accessible online and customers willbenefit from a “quick switch” function enabling themand their advisers to view their investment opportunities and makequick decisions about their investment choices.
The platform and servicing for the new Sipp will be provided byLifetime (the wrap platform wholly owned by Norwich Union) and will(after 6 April) include access to commercial property funds, whichwill be administered by Suffolk Life.
“Mike Kirsch, commercial and marketing director, NorwichUnion Life, said: “We conducted extensive adviser andconsumer research into the Sipp and pensions market, the resultsfrom which have helped us create a highly versatile and flexibleSipp product. Through the technology platform of Lifetime andsupport from Suffolk Life, the new product will provide access toover 1,000 investment funds including commercial property and willbe supported by the latest e-commerce innovations.
“The new Sipp forms part of our retirement solutions packagewhich means that many customers will have the opportunity to moveexisting pension arrangements seamlessly into a new Sipp when theywish to.”
Press office contacts:
Cheryl Cox 01904 452617 Outof hours 07800 695275
Rob Pell 01904 452659 Out of hours 07800 699563
James Evans 01904 452791 Out of hours 07800 699525
David Gwyer 01904 452828 Out of hours 07800 699508
* Investment types
Before April 2006 several investmentclasses will available within the Norwich Union Sipp:
- Unit trust
- Norwich Union’s external fund range including the fund offunds and manager of managers offerings
- There will be around a further 1,000 funds available from avariety of external providers including Fidelity, Jupiter, NewStar and Schroder.
From April 2006 the following investment classes will also beavailable:
- Full range of Norwich Union’s internal funds
- Shares quoted on FTSE or Alternative Investment Market (AIM)or Exchange Traded Funds (ETFs)
- Commercial property. (administered by Suffolk Life viaLifetime platform).
Notes to editors:
The Lifetime Group, awholly owned subsidiary of Norwich Union, was formed in 2002 todevelop a new kind of financial advisory solution for the UK marketand is headquartered in Cambridge.
The Lifetime Group's wrap proposition - The Bigger Picture -launched in April 2005, provides a wealth management system througha broad range of tax wrappers and investment vehicles enablingeffective asset allocation and fund selection. Available toinvestors exclusively through financial advisers, it allows them toaccess a combined view of their assets and liabilities through asingle website, thereby creating an overall wealth picture andgiving them a new way of managing their money.
Suffolk Life is one of theUK’s leading providers and administrators of specialistpension products, primarily Self Invested Personal Pensions(Sipps). It has set up over 6,000 Sipps with aggregated assetsapproaching £1.5 billion. Suffolk Life has acquired properties forover 1,500 policyholders.
Established in 1971 and based in Ipswich, Suffolk Life has built anenviable reputation based on its expertise and knowledge of theSipp market. Further information can be found at www.suffolklife.co.uk.
Norwich Union is the UK'slargest 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.