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Norwich Union brings in basic stakeholder

Your Pension @ Norwich Union is a stakeholder plan which can be taken out on either an individual or a group basis, with investors able to choose up to six internal funds. These are the stakeholder with-profits, balanced managed, UK index tracker, sustainable future managed, retirement protection and deposit.

There are also 18 external funds available from companies such as deutsche, Merrill Lynch, Invesco and SocGen. However these can only be accessed if the nil commission option is taken.

The annual management charge varies between 0.4 to 1 per cent, depending on which combination of funds are chosen, along with how much money is invested in the pension. Funds of between £10,000 and £19,999 will get 0.05 per cent deducted from the AMC, funds of between £20,000 and £49,999 will get 0.1 per cent deducted, while funds with more than £50,000 get 0.2 per cent deducted.

Norwich is a one of just four companies that offer a with-profits fund as a part of a stakeholder pension. The other three are Standard Life, Wesleyan and the Co-operative Insurance Society. However Norwich union is the only company to guarantee that any with-profits bonus added to the fund will not be removed once the fund is paid out.

Looking at the six internal Norwich Union funds available in the pension, the deposit fund is first quartile, the retirement protection, stakeholder with-profits and UK index tracker funds are second quartile, and the balanced managed fund is third quartile, based on £1,000 invested on a bid-to-bid basis with gross income reinvested over one year to May 14, 2001.


BCWA healthcare profits up

Private healthcare insurers BCWA Healthcare increased its profits by 466 per cent to £7m in 2000 from £1.5m in 1999, while its average return on investments was 8.7 per cent in 2000.Earned premiums increased by 15 per cent to £52.5m in 2000, from £45.8m in 1999.BCWA Healthcare managing director Martin Wren says: “In the absence […]

Back-office to the future

For many years, the supply chain that links the IFA sector and the life and pension product providers has remained pretty static.Applications generated by the financial adviser through analysis of client needs pass throughthe branch and/or head office of the IFA to the product provider. The provider processes the application, performs necessary underwritingand then returns […]

Pensions Ombudsman goes online

The Office of the Pensions Ombudsman is launching a website to provideinformation to the public and the pension industry, with details of theOmbuds-man&#39s powers, procedures and publications.

CML revamps website

The Council of Mortgage Lenders is launching a revamped website to give easy access to research data about the mortgage market.The website contains research findings, press briefings, statistics, consumer information, a mortgage calculator and links to the websites of CML members.CML director general Michael Coogan says: “The new website reflects the CML&#39s ambition to be […]


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