Norwich Union today announces the launch of the Norwich Stakeholder Savings Fund, a low cost, easily accessible medium-term investment fund, available from 6 April 2005.
Norwich Union today announces the launch of the Norwich Stakeholder Savings Fund, a low cost, easily accessible medium-term investment fund, available from 6 April 2005.
This product will be available through a "light-touch" sales regime that makes it easily available to consumers. It will be available through Norwich Union’s partners such as building societies. Customers can invest as little as Ł20 for both regular and single premiums with no maximum, and the charges are capped at 1.5% pa for the first 10 years and 1% thereafter with no other charges*. Customers can invest directly into the fund or through an Isa or a PEP transfer.
The product is designed for a savings period of between five and 15 years but there are no minimum or maximum terms specified, giving the customer complete control and flexibility. The fund will meet stakeholder requirements, which limit equity exposure to 60%. At launch the Norwich Union Stakeholder Fund will hold around 55% in equities and around 45% in corporate bonds**.
Simon Quick, director of product strategy at Norwich Union, said: "This new product is a simple low cost, value for money product that is designed to meet the needs of investors looking for a medium term, low cost regular savings plan. The product is easily available and gives the consumer flexibility in terms of the amount, length of time and how they wish to save either through investing on a regular monthly basis or with ad hoc lump sums."
-ends-
Press office contacts:
James Evans 01904 452791 out of hours 07800 699525
Louise Soulsby 01904 452617 out of hours 07800 699526
David Gwyer 01904 452828 out of hours 07800 699508
Rob Pell 01904 452659 out of hours 07800 699563
Notes to editors:
* In exceptional circumstances, an investor protection fee may be applied to ensure fairness between all investors in the fund.
** The value of this investment can go down as well as up.
Product specification:
- Price cap of 1.5% pa for the first 10 years, 1% thereafter with no other charges
- Maximum equity content of 60%
- Available for direct investment, Isa and for PEP/Isa transfers
- Designed for savings between five and 15 years but no minimum or maximum terms specified
- Ł20 minimum premium for both regular and single premium amounts – no maximum limit (subject to normal Isa allowances)
Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK.
Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.