Article date: 18 October 2005
Norwich Union is introducing a new approach to retirementplanning, which will better meet the needs of customers andadvisers ahead of pension simplification in April 2006.
The company will restructure its pension strategy by writing allnew* pensions policies under a single scheme. It will allowcustomers to move seamlessly between products, depending on theirindividual circumstances.
The Retirement Solution range covers the corporate and individualmarket. It includes simple products for those in the early stagesof retirement saving, through to the more sophisticated pre andpost retirement options (eg SIPP and Retirement WRAP**).
The single scheme approach will enable customers to tailor theirretirement planning by providing flexibility to change the shape ofthe retirement plans depending on personal circumstances, whileretaining any tax-free cash protection from previous occupationalschemes.
Customers will be able to move easily between products within thescheme without making a formal transfer. This means that theadviser will spend less time on administration and more time onclient advice and business development.
Commenting on the new Retirement Solution range, Mike Kirsch,commercial director at Norwich Union, said: “We believethat our radical new approach to retirement planning will make iteasier for everyone involved. The single scheme solution willprovide customers and financial advisers with an opportunity tocomprehensively plan for retirement throughout a customer’svarious life stages.
"The industry has been challenged to develop innovative solutionsto help address the savings gap. We have risen to this challengeand now we are working with the Government to ensure that as manycustomers as possible are able to access the benefits of thisscheme.”
Press office contacts:
Cheryl Cox 01904 452617 Out of hours 07800 695275
James Evans 01904 452791 Out of hours 07800 699525
David Gwyer 01904 452828 Out of hours 07800 699508
Rob Pell 01904 452659 Out of hours 07800 699563
Notes to editors:
* Because of current uncertainty about A Daypensions regulations Norwich Union is unable to state withconfidence that existing customers will be able to benefit fromautomatic inclusion in this scheme. It is hoped that the draftregulations expected at the end on November will signal that thiswill be allowed.
** The Retirement WRAP will be hosted by Lifetime Ltd on theirBigger Picture WRAP platform. Norwich Union will be taking over therole of provider and trustee of its SIPP.
The launch date for the SIPP will be in the first quarter of2006.
- Norwich Union is one of the UK's biggest insurers. It is aleading provider of life, pensions and investment products andone of the largest Financial Adviser (FA) providers. FAs provideover 70% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including CIS and The RoyalBank of Scotland Group. Norwich Union’s news releases anda selection of images are available from Aviva's internet presscentre at www.aviva.com/media.