Norwich Union is launching a new range of packaged retirement products under the banner "For the lif...
Norwich Union is launching a new range of packaged retirement products under the banner "For the life your clients deserve after work", which aim to give IFAs solutions for meeting the growing need for a wider spread of products, given the changes to retirement patterns as people live longer and opt to retire earlier.
The company says the number of people aged 50-80 in the UK will rise from 17.5 million today to 22.9 million by 2031, which means people working today must more than ever consider long-term financial options.
The new package will address pensions, as well as annuities, income drawdown, equity release, long-term care, investment products, IHT planning as well as pension provision.
Retirement Strategy Manager Sandy Johnstone said the different areas of focus were more or less interlinked, which was a reason NU wanted to follow up the announced launch of the program with a series of nationwide seminars for IFAs from the end of October through the year end.
"What we are seeing now is huge growth in the number of over-65s in the UK who are in a situation we've never seen before, where a significant number are actually owners of property worth more than £250,000," he said.
"We've got the products, but what we've seen is that IFAs need to take a broader look at what they are probably doing very well in specific sectors."
"IFAs in some cases will have strong skills in income drawdowns, but they might not have examined in any real depth the long-term care issue, and vice versa. There are a number of IFAs that are signed up to provide long-term care advice, and they in turn, we believe, should be given the opportunity to look at IHT planning, equity release, etc."
The seminars being organised to support NU's new program will be organised through the company's 30 regional offices.
The intention is to guage feedback from next week's mailout to IFAs around the country before renting conference and other facilities.
NU will also be providing technical training where necessary to take advantage of the the new package.
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