NU to cut pension commission

Single premium and transfer commissions for Your Pension Select and Stakeholder Pension will be reduced from a maximum of 6.5% to 6%. Existing commission rates on the products, which are mostly sold through IFAs, are available until 29 January. Norwich Union says it has been forced to cut commissions due to the economic downturn and expected unfavourable market conditions in the coming year. The firm has seen falling global sales, though its UK Life and Pensions arm saw a rise in businesses in the first nine months of 2008. Contact: John Bakie, Tel: 020 7484 9805, e-mail: John.Bakie...