Article date: 23 November 2007
Norwich Union, the UK's largest insurer, is reducing charges on Norwich Union Stakeholder Pensions and Individual Your Pension Select personal pension products. The new charging structure will take effect from 26 November 2007.
Norwich Union Stakeholder Pension charges, for new business, will be reduced from 1.5%1 to 1% pa and the base charge (no commission paid) on both products will be reduced from 0.7% to 0.55%2 pa
Iain Oliver, head of pensions, Norwich Union, said: "The reductions to our charges offer great value to customers and provide flexibility and greater choice to advisers.
"The new charges on our individual pensions will make it simple for advisers to compare the value of Norwich Union Stakeholder Pension and Individual Your Pension Select to match a client's needs.
"By reducing the charges on individual pensions (with no commission) to 0.55%, we are offering a great platform for advisers to offer competitive fee based advice to pension customers.
"These changes are an extension of the company's pension strategy which began in October 2005".
Press office contacts:
Robert Pell 01904 452659 Out of hours 07800 666563
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
1 Existing fund charges of 1.5% applied for the first 10 years, and then reverted to 1% pa
2 31 funds are available through Individual Your Pension select with no fund charge and a further 90 funds are available with an additional fund charge. Norwich Union Stakeholder pension has no charges applying to funds.
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.