The newly launched Government stakeholder pension means that for the first time people who don't work can now have their own pension to save for their retirement, and there's no age limit. Launched on 6 April, stakeholder pensions are now available to the self- employed, the unemployed, children and non-workers.
The newly launched Government stakeholder pension means that for the first time people who don't work can now have their own pension to save for their retirement, and there's no age limit. Launched on 6 April, stakeholder pensions are now available to the self-employed, the unemployed, children and non-workers.
For the first time ever employers with more than five staff now have to ensure their staff have access to a pension scheme and they must make sure that the scheme will be available by 8 October this year.
The new pensions offer great simplicity and can be started with as little as Ł20 a month with charges limited to a maximum of 1% per annum. To ensure flexibility payments can be stopped and started at any time without incurring any costs.
To guide listeners through pensions, Jerry Barnfield, director of pension development at Norwich Union, answers some of the most commonly asked questions from customers about pensions on the enclosed CD:
| Track 1: |  | What exactly is a stakeholder pension ? |
| Track 2: | Who should take out one of these pensions ? | |
| Track 3: | Why is it important that people do something about their pension? | |
| Track 4: | Where can people get help with their pension ? | |
| Track 5: | Do employers have to take action for their employees ? | |
| Track 6: | What if people do nothing ? | |
| Track 7: | Any other important points people should consider ? | |
| Track 8: | Do you have a simple message for people about their pensions ? |
-ENDS-
Notes to editors
- A stakeholder pension is a new type of private pension available from 6th April 2001 and meets new regulations set down by the Government.
- The information contained is based on Norwich Union's understanding of current Government legislation that may alter in the future.
- The value of investments can go down as well as up and is not guaranteed. Full written details are available on request.
- 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.
- Norwich Union's news releases are available on the internet at www.cgnu-group.com
For further information, please call the Norwich Union Press Office:
| James Evans | 08703 66 68 78 |
| Louise Steel | 08703 66 68 71 |
| Or Financial Dynamics | |
| Helen Murray-Wells | 020 7269 7237 |