Norwich Union (NU) is to withdraw five of its pension products ahead of A-Day as part of a review of...
Norwich Union (NU) is to withdraw five of its pension products ahead of A-Day as part of a review of its pensions proposition.
The insurer will no longer be accepting Pension Buy Out Plan, Free Standing AVC or Executive Pension Plan business after 5 April 2006. In addition, the Directors Special Pension Scheme and Directors Pension Plans products will also be discontinued. Increments and single contributions to existing plans will still be accepted.
"We are withdrawing these products ahead of A-Day as many of the associated benefits will disappear under pensions simplification rules," said Iain Oliver, head of pensions at NU. "In addition, both customers and advisers will be able to take advantage of Norwich Union's new approach to retirement planning, which will better meet their needs post-April 2006."
