NU to withdraw pension products ahead of A-Day

Norwich Union does say although it will not accept any new business in these products, it will continue to accept increments and additional single contributions to existing plans where they are currently allowed.

In addition, the directors Pension Plan will remain available for new members to existing schemes, as will all other existing multi-member schemes.

Iain Oliver, head of pensions for Norwich Union, said: “We are withdrawing these products ahead of A-Day as many of the associated benefits will disappear under pensions simplification rules. Both customers and advisers will be able to take advantage of Norwich Union’s new approach to retirement planning, which will better meet their needs post April 2006.”

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