Article date: 19 December 2006
In response to the Treasury and HMRC's announcement todayregarding the treatment of "pipeline" Pension Term Assurance (PTA)customers, please find the quote below from Louise Colley, head ofprotection product marketing at Norwich Union.
"The pre-Budget announcement created considerable confusion in thePension term Assurance (PTA) market, leaving customers, advisersand providers unsure of where they stood.
"In today’s announcement, the Treasury has done the rightthing for customers, ensuring that those who applied for PTAproducts in good faith, before the pre-Budget report will havetheir applications honoured.
"Norwich Union introduced a series of measures through this periodof uncertainty to ensure that customers and advisers had theconfidence to continue pipeline PTA applications on theunderstanding they would be converted to an equivalent non-taxrelief product if necessary."
Press office contacts:
Robert Pell 01904 452659 Outof hours 07800 699563
Notes to editors:
About Norwich Union
Norwich Union is the UK’slargest insurer. 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 is the UK’s largest general insurer with amarket share of around 14%, with a focus on insurance forindividuals and small businesses.
Norwich Union’s news releases and a selection of images areavailable from Aviva's internet press centre at www.aviva.com/media