Article date: 30 March 2001
Norwich Union - the UK's largest insurance company - and theNational Union of Journalists (NUJ) - the UK's largest union forthe journalist profession - have teamed up to offer a tailoredstakeholder pension scheme to encourage greater pension provisionamongst members.
The launch of the new scheme was announced today at the NUJconference in Scarborough attended by 300 delegates. The NUJ hasaround 34,000 members with just over 20,000 of them employed fulltime.
The Norwich Union stakeholder scheme - arranged for the NUJ byIndependent Financial Services (UK) Ltd - was chosen due to thehighly competitive structure which includes progressively reducingcharges as an individual's pension fund increases.
Commenting on the scheme, the NUJ's Don Mackglew, said "We aredelighted to announce the launch of this scheme to encourage moremembers to take charge of their pension provisions. The scheme wehave negotiated gives members access to a quality pension productwith the UK's largest insurer."
Jerry Barnfield, Director of Pensions Development at NorwichUnion, said: "We are very pleased to have been chosen by the NUJ tooffer stakeholder pensions for their members. As well as aflexible, value-for-money proposition and a strong range ofinvestment funds, Norwich Union has the scale, brand awareness,financial strength and customer service support to be the marketleader in stakeholder pensions."
Notes to editors:
- The scheme is open to all members of the NUJ and theirfamilies.
- The scheme can also be used by employers where NUJ memberswork. Employers can use the NUJ scheme as their designatedstakeholder scheme using a full range of support and communicationmaterial available from Norwich Union.
- 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,fund management and general insurance, with worldwide premiumincome and retail investment sales from ongoing business of over£27 billion and assets under management of more than £210billion.
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
For media enquiries please contact James Evans on 08703 666878or 07790 487105