Norwich Union has launched its range of stakeholder pension products, which offer commission for IFA...
Norwich Union has launched its range of stakeholder pension products, which offer commission for IFAs, writes Ruth Alexander.
Investors will be able to choose from 'Your Pension', a simple, single-charged stakeholder product available for individuals or corporates and 'Your Pension Select', a personal pension at an individual or group level. The Select option offers the further option of investment into a wider range of funds offered by both Norwich Union and external fund managers.
'Your Pension' makes six funds available, with-profits, Balanced Managed, UK Index tracker, Sustainable Future, Managed and Deposit. It also has the further addition of 18 external fund links on offer, including funds from groups such as Merrill Lynch, Deutsche, Invesco and SG Asset Management. Initial commission is 30% of base Lautro (plus uplift) plus 2.5% renewal. The annual charge range is between 0.6%-1%.
Your Pension Select has 16 Norwich Union investment linked funds, plus with-profits option, a choice of six socially responsible investment funds and 19 externally managed funds.
'Your Pension Select' carries the same annual management charge as 'Your Pension'. Various initial commission structures are available on this product, paid for through reduced allocation rates during the first two years.
The group is also offering 'Designer Pension', a tailored solution that is to match employers business needs and provide service and support.
Other options in the range include 'Your Pension Protector', a contribution protection contract for individual and group business, and Business Benefits, which supports employee benefits packages with features such as income protection, private medical insurance and life insurance.
Investors in any of the products can choose from 16 unit-linked funds or the full range of Sustainable Future Funds, managed by Morley Fund Management.
Went into administration April 2018
Threat of legal action looms over Woodford IM
View from the front row
Retirement Planner Forum 2019