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NU halts transfers in system shift

Advisers have hit out at Norwich Union for suspending the transfer of 380,000 pension policies because it is updating its systems.

NU says 85 per cent of the policies have had the suspension lifted but 15 per cent are still on hold and no restoration date has been given.

The suspension, which started over two weeks ago, means Norwich Union is unable to quote transfer values, maturity values and final bonus figures although it can provide a unit fund value.

Highclere Financial Services partner Alan Lakey says: “It is about time it updated its systems and in the long term it will be worthwhile. One would assume it would have contacted advisers but it has not contacted me about the delays.”

An NU spokesman says: “The hold was applied during the week commencing April 21. Unfortunately, I cannot give you a guesstimate on the resolution date.”

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