Norwich Union launches stakeholder pension range

Article date: 30 March 2001

Norwich Union, the UK's largest insurance company, has launchedits new range of stakeholder pension products to IFAs.

Following Norwich Union's successful pre-stakeholder offering,Your Pension @ Norwich Union, the company is launching a new rangeof stakeholder and personal pensions from simple, 'off-the-shelf'products to tailor-made solutions for both individuals andemployers.

Individuals will be able to choose from:

  • Your Pension @ Norwich Union, a simple, single-chargedstakeholder product.
  • Your Pension Select @ Norwich Union, a personal pensionoffering a wider range of investment funds and facilitating thescope for more advice through an optional small initial charge.The charging structure becomes fully stakeholder compliant afterthe initial period.

As well as offering Your Pension and Your Pension Select forcorporate stakeholder and group personal pension schemes, employerswill be given the option of taking out:

  • Designer Pension @ Norwich Union, a tailored solution that isdesigned to match employers business needs and provide first classservice and support.

Added value options include Your Pension Protector @ NorwichUnion, a contribution protection contract for individual and groupbusiness, and Business Benefits @ Norwich Union, which supportsemployee benefits packages with features such as Income Protection,Private Medical Insurance and Life Insurance.

The 'off-the-shelf' Your Pension @ Norwich Union offers asimplified choice of 6 investment funds including a new StakeholderWith Profits Fund, the Balanced Managed Fund, the new sociallyresponsible Sustainable Future Managed Fund & the UK IndexTracker Fund.

The overall propositions will be supported by a wide range ofinvestment funds. Customers can choose from 16 unit-linkedinvestment funds or the full range of Sustainable Future Fundsmanaged by Norwich Union's in-house investment management company,Morley Fund Management*. Norwich Union is also offering a number ofexternal funds managed by Deutsche Asset Management, Invesco,Merrill Lynch and Société Générale.

From 6 April, IFAs will be able to access extensive supportmaterial on-line and new e-commerce facilities through NorwichUnion's IFA Extranet.

Norwich Union has already announced that from 6 April 2001, allexisting individual and group personal pension policyholders willbenefit from a stakeholder compliant 1% maximum charge.

Jerry Barnfield, Director of Pensions Development, commented:"We are wholly committed to becoming a leading provider in thestakeholder market and believe that the take-up of stakeholderpensions in the individual pension and corporate markets will besignificant. Our propositions offer IFAs a strong range ofstakeholder and personal pensions to meet the varied needs ofindividuals, employers and advisers.

"Backed by our successful range of investment funds, the newSustainable Future Funds and the strong and competitive range ofexternally managed funds, we believe that our propositions will bedifficult to beat in the market.

"Norwich Union has rapidly established itself in thepre-stakeholder market and has the scale, brand awareness,financial strength, e-commerce facilities and customer servicesupport to be the market leader in the new stakeholderenvironment."

*Morley Fund Management won Money Management/Standard &Poor's Best Fund Manager award in March 2001.

Ends

Notes to editors:

  • The value of investments can go down as well as up and is notguaranteed. Full written details are available on request.
  • The IFA Extranet address is: www.norwich-union.co.uk/ifa
  • CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK's largest insurance group and one of the top-fiveinsurers in Europe with substantial positions in other marketsaround the world, making it the world's sixth largest insurerbased on gross worldwide premiums.

CGNU's principal business activities are long-term savings, fundmanagement and general insurance, with worldwide premium income andretail investment sales from ongoing business of over £27 billionand assets under management of more than £210 billion.

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.

CGNU's news releases are available on the internet at www.cgnu-group.com

Press Office Contacts:

James Evans - 08703 66 68 78
Louisa Steel - 08703 66 68 71
Out of hours - 07790 487105

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