Norwich Union today launches its new Self Invested Personal Pension (Sipp) which will provide access to a wide range of funds from Norwich Union and a range of external fund managers.
- Sipp to use Lifetime platform with support from Suffolk Life
Norwich Union today launches its new Self Invested Personal Pension (Sipp) which will provide access to a wide range of funds from Norwich Union and a range of external fund managers*. The new product will give financial advisers specialist tools including risk profiling analysis and asset allocation modeling tools, to enable them to better advise their clients.
The new tools will all be accessible online and customers will benefit from a “quick switch” function enabling them and their advisers to view their investment opportunities and make quick decisions about their investment choices.
The platform and servicing for the new Sipp will be provided by Lifetime (the wrap platform wholly owned by Norwich Union) and will (after 6 April) include access to commercial property funds, which will be administered by Suffolk Life.
“Mike Kirsch, commercial and marketing director, Norwich Union Life, said: “We conducted extensive adviser and consumer research into the Sipp and pensions market, the results from which have helped us create a highly versatile and flexible Sipp product. Through the technology platform of Lifetime and support from Suffolk Life, the new product will provide access to over 1,000 investment funds including commercial property and will be supported by the latest e-commerce innovations.
“The new Sipp forms part of our retirement solutions package which means that many customers will have the opportunity to move existing pension arrangements seamlessly into a new Sipp when they wish to.”
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Press office contacts:
Cheryl Cox 01904 452617 Out of hours 07800 695275
Rob Pell 01904 452659 Out of hours 07800 699563
James Evans 01904 452791 Out of hours 07800 699525
David Gwyer 01904 452828 Out of hours 07800 699508
* Investment types
Before April 2006 several investment classes will available within the Norwich Union Sipp:
- OEICs
- Unit trust
- Norwich Union’s external fund range including the fund of funds and manager of managers offerings
- There will be around a further 1,000 funds available from a variety of external providers including Fidelity, Jupiter, New Star and Schroder.
From April 2006 the following investment classes will also be available:
- Full range of Norwich Union’s internal funds
- Shares quoted on FTSE or Alternative Investment Market (AIM) or Exchange Traded Funds (ETFs)
- Commercial property. (administered by Suffolk Life via Lifetime platform).
Notes to editors:
Lifetime
The Lifetime Group, a wholly owned subsidiary of Norwich Union, was formed in 2002 to develop a new kind of financial advisory solution for the UK market and is headquartered in Cambridge.
The Lifetime Group's wrap proposition - The Bigger Picture - launched in April 2005, provides a wealth management system through a broad range of tax wrappers and investment vehicles enabling effective asset allocation and fund selection. Available to investors exclusively through financial advisers, it allows them to access a combined view of their assets and liabilities through a single website, thereby creating an overall wealth picture and giving them a new way of managing their money.
Suffolk Life
Suffolk Life is one of the UK’s leading providers and administrators of specialist pension products, primarily Self Invested Personal Pensions (Sipps). It has set up over 6,000 Sipps with aggregated assets approaching Ł1.5 billion. Suffolk Life has acquired properties for over 1,500 policyholders.
Established in 1971 and based in Ipswich, Suffolk Life has built an enviable reputation based on its expertise and knowledge of the Sipp market. Further information can be found at www.suffolklife.co.uk.
Norwich Union
Norwich Union is the UK's largest 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.