Norwich Union - the UK's largest insurance company - and the National Union of Journalists (NUJ) - the UK's largest union for the journalist profession - have teamed up to offer a tailored stakeholder pension scheme to encourage greater pension provision amongst members.
Norwich Union - the UK's largest insurance company - and the National Union of Journalists (NUJ) - the UK's largest union for the journalist profession - have teamed up to offer a tailored stakeholder pension scheme to encourage greater pension provision amongst members.
The launch of the new scheme was announced today at the NUJ conference in Scarborough attended by 300 delegates. The NUJ has around 34,000 members with just over 20,000 of them employed full time.
The Norwich Union stakeholder scheme - arranged for the NUJ by Independent Financial Services (UK) Ltd - was chosen due to the highly competitive structure which includes progressively reducing charges as an individual's pension fund increases.
Commenting on the scheme, the NUJ's Don Mackglew, said "We are delighted to announce the launch of this scheme to encourage more members to take charge of their pension provisions. The scheme we have negotiated gives members access to a quality pension product with the UK's largest insurer."
Jerry Barnfield, Director of Pensions Development at Norwich Union, said: "We are very pleased to have been chosen by the NUJ to offer stakeholder pensions for their members. As well as a flexible, value-for-money proposition and a strong range of investment funds, Norwich Union has the scale, brand awareness, financial strength and customer service support to be the market leader in stakeholder pensions."
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Notes to editors:
- The scheme is open to all members of the NUJ and their families.
- The scheme can also be used by employers where NUJ members work. Employers can use the NUJ scheme as their designated stakeholder scheme using a full range of support and communication material available from Norwich Union.
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł210 billion.
From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
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