Norwich Union has enhanced its Retirement Solutions range of pre and post retirement products.
The Norwich Union Income Drawdown plan provides an income drawdown option for customers where the sophistication of a full SIPP is not needed.
On-line account management and access to investment fund choice, including 73 additional funds, has also been added to the Norwich Union Personal Pension range.
The firm’s Retirement Solutions range enables client funds to move between Personal Pension plans, Income Drawdown, SIPP and WRAP, maintaining any A-day tax free cash protection.
Iain Oliver, head of pensions at Norwich Union, says: “SIPPs are a niche pension product designed primarily for sophisticated, high net worth customers.
“In essence we are providing a wider range of pension customers with a lot of the control, flexibility and fund choice they are looking for with a SIPP, at a more competitive cost.
“From extensive research we identified that the majority of customers and advisers want access to a high quality and diverse investment range, the flexibility to take income as and when they need it, and the convenience of seeing the value of their customer’s investment and money in the plan online.
“With these enhancements to our personal pension range we are doing just that.”
Quotes will be available for Norwich Union Income Drawdown from 31 January and the enhanced features will be available from April 2008.
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