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NU adds its strength to help lift the cap

Norwich Union is hoping to use its financial muscle and market share to lobby the Government to review the 1 per cent cap on stakeholder.

NU took £42m of individual stakeholder business on an equivalent premium income basis for the nine months to September 30, out of £168m overall individual business. Group stakeholder sales totalled £21m out of a total of £250m group pension sales. It says it has 25 per cent of IFA stakeholder business and believes this is a strong lobby platform.

The move puts pressure on rivals to follow. They have so far only published number of stakeholder designations received and potential scheme members.

NU has had around 25,000 designations but says the IFA channel means more designations are turned in to contributing schemes.

Total new business was up by 22 per cent to £994m from £812m. Life and pension business was up by 26 per cent to £915m from £726m.

Sales and marketing director Peter Hales says: “The IFA channel is the most valuable for converting designations in to real schemes. We would like to see the 1 per cent cap reviewed and will continue to lobby for a more realistic price structure and Government incentives for employers to contribute.”

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