Norwich Union was forced to suspend 380,000 personal pension transfers two weeks ago, with 15% of these policies still suspended, following problems migrating to a new computer system.
Although there was no general mail-out to advisers informing them of the delays, the following response is being offered to advisers who call NU requesting a pension transfer. “Our systems are currently being updated to reflect the history of your investment and at present we are unable to quote transfer values and final bonus figures. I can provide an accurate unit fund value. “Unfortunately this also impacts our ability to provide Estimated or Maturity Values which would include a final bonus. “Please be assured this update is being given the utmost priority and please accept our ap...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
