Navigator today announced that from 1 March 2004 a fee of $20 per month will be introduced for clients with smaller balances.
Navigator today announced that from 1 March 2004 a fee of $20 per month will be introduced for clients with smaller balances.
Tim Cobb, general manager of products, said: "We need to introduce the fee to cover the fixed costs of providing our service and to ensure that the majority of savers do not have to subsidise this minority. It is unfair for other customers to subsidise small accounts."
"This fee will not apply to clients building up their assets with regular investments or using the Pension service, and is low in comparison to industry competitors," he said.
"Navigator is ideally suited for balances greater than $20,000," he added.
-ends-
For further information please contact:
Simon Morgan, Group General Manager
Public Affairs
(03) 9829 8892
0407 966 632
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners, the Australian funds management arm of Aviva plc, is a sister company. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia
- Globally, Aviva Australia is part of Aviva plc, the world's seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc
- Aviva is the world's seventh-largest insurance group and the biggest in the UK. It is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$68.32 billion, and more than A$488 billion of assets under management (as at 1 July 2003). The group has more than 59,000 employees and 25 million customers worldwide
- The information in this document reflects Navigator Australia Limited's ('Navigator') understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circumstances. The securities advice or information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision on the basis of the advice above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the advice is appropriate in the light of their particular investment needs, objectives and financial circumstances
- Applications to invest in a financial product issued by Navigator or any of its related entities must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Navigator or your financial adviser. Investors should consider the PDS before making an investment decision or deciding to continue to hold a product.