Norwich Union stops five-year opt-out clause on with-profits

Norwich Union International (NUI) is pulling the plug on the free five-year opt-out clause on its with-profits products. If a new investor wants to have the five-year option, then they will be charged an extra 0.5% per annum until the end of the fifth year. According to Mike Gogan, communications manager at NUI, the option to withdraw at no loss of capital (apart from NUI's charges, of course) has proven to be popular, but was introduced as a sweetner for new investors and was never meant to be a permanent feature of the product. The new charges will apply to NUI's sterling, euro and ...