Norwich Union has added to its range of pensions with your pension select @ Norwich Union.
The product is a personal pension plan that has been designed for investors who want more fund choice than can be offered by most stakeholder pensions. The pension is available on an individual or group basis.
Your pension select @ Norwich Union offers investors up to 42 funds, with investors allowed to invest in six of these. The funds include six socially responsible funds that are managed for Norwich Union by Morley Fund, 17 internal Norwich Union funds, including a with-profits fund, and 19 external funds. These include funds managed by Merrill Lynch, Invesco, SocGen and Deutsche Asset Management.
Depending on how much commission is taken with the product, the pension has an initial charge of up to five per cent. The annual management charge (AMC) varies according to the amount invested. Sums up to £19,999 have an AMC of 0.95 per cent, between £20,000 to £49,999 have an AMC of 0.9 per cent and anything above £50,000 has an AMC of 0.8 per cent.
Looking at the internal Norwich Union funds available in the pension, the European equity fund is first quartile, the defensive managed, gilt, global bond and global equity funds are second quartile, the international index tracker, Pacific equity, property and US equity funds are third quartile and the UK equity and index linked gilt funds are fourth quartile, based on £1,000 invested on a bid to bid basis with net income reinvested over one year to April 9, 2001.