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Tesco PF switches from Widows to CGU

CGU is to buy Tesco Personal Finance Life for an undisclosed sum, ending

the supermarket&#39s joint venture with Scottish Widows.

Tesco Personal Finance, the banking joint venture with Royal Bank of

Scotland, continues. Tesco Personal Finance Life, the life and pensions

joint venture, has been bought by CGU in its entirety.

CGU has now formed a strategic alliance with the banking venture.

The supermarket says the CGU move will position it to sell stakeholder

pensions as well as other life and investment products.

Tesco says the recent Lloyds TSB&#39s takeover of Scot tish Widows brought up

issues of confidentiality and it has had to rethink its position.

Existing policyholders will have the option of transferring their policies

to CGU or staying with Widows. Tesco claims the CGU deal will offer clients

better value than the Scottish Widows&#39 policy.

Tesco Personal Finance Investment, a subsidiary of the Widows joint

venture, is also included in the deal with CGU.

Under the terms of the agreement, products will be developed with CGU but

will be marketed under the Tesco brand through its stores and website.

Tesco will act as an introducer.

From June, Tesco customers will have access to a CGU-developed life insur

ance product.

Tesco Personal Finance press officer Fay Hogg says: “The new deal with CGU

should offer Tesco customers value for money.”

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