Our view

Dec 06 - UK: Statement in response to today's PTA announcement

In response to the Treasury and HMRC's announcement today regarding the treatment of "pipeline" Pension Term Assurance (PTA) customers, please find the quote below from Louise Colley, head of protection product marketing at Norwich Union.

"The pre-Budget announcement created considerable confusion in the Pension term Assurance (PTA) market, leaving customers, advisers and providers unsure of where they stood.

"In today’s announcement, the Treasury has done the right thing for customers, ensuring that those who applied for PTA products in good faith, before the pre-Budget report will have their applications honoured.

"Norwich Union introduced a series of measures through this period of uncertainty to ensure that customers and advisers had the confidence to continue pipeline PTA applications on the understanding they would be converted to an equivalent non-tax relief product if necessary."

-ends-

Press office contacts:
Robert Pell 01904 452659 Out of hours 07800 699563

Notes to editors:

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 is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.

Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media