Norwich Union teams up with the Carphone Warehouse Group plc to offer stakeholder pension scheme

Article date: 12 April 2001

Norwich Union - the UK's largest insurance company- and The Carphone Warehouse - one of Europe's leading mobilecommunications retailers - have teamed up to offer a designatedstakeholder pension scheme to encourage greater pension provisionamongst Carphone Warehouse employees.

The Norwich Union stakeholder scheme was arrangedfor Carphone Warehouse by financial advisers Sedgewick IndependentFinancial Consultants. Norwich Union was chosen as the provider dueto the strong and well known brand, wide range of investment fundsand the highly competitive charging structure. Norwich Union alsooffers extensive e - commerce facilities enabling employees tofollow the progress of their plan and make selective on-linechanges to the plan.

Commenting on the scheme, Charles Dunstone, chiefexecutive officer of The Carphone Warehouse, said: "As retailEmployer of the Year looking after our employees is our greatestpriority. This stakeholder pension scheme is an excellent exampleof this and we are delighted to announce the launch of thistailored scheme to our 3,500 employees. The scheme our advisershave negotiated gives members access to quality pension productswith the UK's largest insurer."

Jerry Barnfield, director of pension development atNorwich Union, said: "We are very pleased to have been chosen byThe Carphone Warehouse to offer their employees stakeholderpensions. Providing for your own financial future has never beenmore important, and the launch of stakeholder can only help ingetting this important message over both for employers and theiremployees."

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Notes to editors

  • A stakeholder pension is a new type of private pensionavailable from 6th April 2001 and meets new regulations set downby the Government.
  • The value of investments can go down as well as up and is notguaranteed. Full written details are available on request.
  • 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.

Press Office contacts:
James Evans at Norwich Union Press Office on 08703 66 68 78
Tristia Clarke at The Carphone Warehouse Press Office on 08456041207

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