NU caps charges at 1%

Norwich Union will not charge above 1%pa on existing individual or group personal pensions as from 6 April 2001. This also applies to contracts from CGU, Commercial Union, General Accident and Provident Mutual. The fees are designed to fall in line with the charging limits on stakeholder. There will be no change in renewal commission and no immediate change to initial commission. However, Norwich Union said it is keeping the position under review. Norwich Union has already launched a range of personal pensions earlier this year that have been designed for the stakeholder environment. T...