Norwich Union is introducing a new approach to retirement planning, which will better meet the needs of customers and advisers ahead of pension simplification in April 2006.
Norwich Union is introducing a new approach to retirement planning, which will better meet the needs of customers and advisers ahead of pension simplification in April 2006.
The company will restructure its pension strategy by writing all new* pensions policies under a single scheme. It will allow customers to move seamlessly between products, depending on their individual circumstances.
The Retirement Solution range covers the corporate and individual market. It includes simple products for those in the early stages of retirement saving, through to the more sophisticated pre and post retirement options (eg SIPP and Retirement WRAP**).
The single scheme approach will enable customers to tailor their retirement planning by providing flexibility to change the shape of the retirement plans depending on personal circumstances, while retaining any tax-free cash protection from previous occupational schemes.
Customers will be able to move easily between products within the scheme without making a formal transfer. This means that the adviser will spend less time on administration and more time on client advice and business development.
Commenting on the new Retirement Solution range, Mike Kirsch, commercial director at Norwich Union, said: “We believe that our radical new approach to retirement planning will make it easier for everyone involved. The single scheme solution will provide customers and financial advisers with an opportunity to comprehensively plan for retirement throughout a customer’s various life stages.
"The industry has been challenged to develop innovative solutions to help address the savings gap. We have risen to this challenge and now we are working with the Government to ensure that as many customers as possible are able to access the benefits of this scheme.”
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Press office contacts:
Cheryl Cox 01904 452617 Out of hours 07800 695275
James Evans 01904 452791 Out of hours 07800 699525
David Gwyer 01904 452828 Out of hours 07800 699508
Rob Pell 01904 452659 Out of hours 07800 699563
Notes to editors:
* Because of current uncertainty about A Day pensions regulations Norwich Union is unable to state with confidence that existing customers will be able to benefit from automatic inclusion in this scheme. It is hoped that the draft regulations expected at the end on November will signal that this will be allowed.
** The Retirement WRAP will be hosted by Lifetime Ltd on their Bigger Picture WRAP platform. Norwich Union will be taking over the role of provider and trustee of its SIPP.
The launch date for the SIPP will be in the first quarter of 2006.
Norwich Union
- Norwich Union is one of the UK's biggest insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% 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 CIS 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.