‘For the life your clients deserve after work’ Norwich Union - the UK’s largest life insurer – is packaging a range of products for the retirement market into one seamless proposition, to provide a comprehensive offering for people who are approaching and looking to finance their retirement.
‘For the life your clients deserve after work’
Norwich Union - the UK’s largest life insurer – is packaging a range of products for the retirement market into one seamless proposition, to provide a comprehensive offering for people who are approaching and looking to finance their retirement.
This package has been developed to help IFAs offer clients greater flexibility in retirement and highlights the breadth of provisions available to meet individual needs. With more and more people choosing to retire earlier and an increase in life expectancy, the time actually spent in retirement is increasing.
The aim of the retirement solutions package is to provide a vehicle for a more efficient retirement, enabling consumers to enjoy their retirement years whilst ensuring that their money keeps on working for them. As an indication in 2001, there were a total of 17,535,000 aged 50 to 80 representing 38% of the total population aged 16-80. In 2031, there are projected to be a total of 22,960,000 people aged 50-80, accounting for 46% of the total population aged 16-80*.
Retirement is not just about pension planning, and to reflect this the proposition package includes annuities, income drawdown, equity release, long term care, investment products, IHT planning and pension provision within the retirement offering.
This retirement proposition from Norwich Union will be introduced to IFAs during a series of nationwide seminars. Hosted by Norwich Union, the seminars will run from the end of October to the end of the year and all IFAs attending will be presented with an extensive range of marketing material to help them break into the relatively untapped over 50s retirement planning market.
Branded under the theme – ‘for the life your clients deserve after work’ – IFAs will have access to a wide selection of support material including CD Roms providing technical guidance and marketing support, consumer brochures and magazines, a practical tax and trust guide, client seminar packs and a marketing tips guide. Norwich Union sales staff will also be on hand to offer IFAs additional support along with extensive technical training. Further details are also available on the IFA extranet, www.norwich-union.co.uk/ifa
Willie Mowatt, head of retirement and protection, said: “At Norwich Union, we believe we are uniquely placed to provide for the growing retirement market. No other provider offers such a comprehensive range of retirement products that have been packaged in such a way as to focus attention on the real benefits and flexibility that’s available.
“By providing such dedicated support to IFAs, we are illustrating our long-term commitment to the retirement market and our proactive approach to providing IFAs with the help they need to specialise and grow their business in such an important sector.”
For more information, IFAs should contact their Norwich Union consultant or contact Norwich Union on 0845 9444800 or www.norwich-union.co.uk/ifa -ends-
Notes to Editors
- In 2001, there were a total of 17,535,000 people aged 50- 80 representing 38% of the total population aged 16-80*
- In 2031, there are projected to be a total of 22,960,000 people aged 50-80, which will represent 46% of the total population aged 16-80*
- 4,300,000 people aged 50-79 in England own their own home outright (based on 1999-2001 data)**
* Government Actuaries Dept. 2001
** Council of Mortgage Lenders, CML / Building Societies Association, BSA, 1999-2001 data
- 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 Ł200 billion as 30 June 2001.
- 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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