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Norwich Union alters personal pension plan

11 September 2006
Norwich Union has made crucial adjustments to its personal pensions plan that it believes will enable it to better meet the demands of potential customers.

One of the major changes that have been wrought to Norwich Union's Your Pension Select (YPS) package is the removal of an initial fee, as well as offering them a selection of new commission options.

A number of other adjustments have been made to the YPS personal pension plan, including alterations in the large fund discount tiers, new evaluations of age factors and changes to make more commission recoupable.

Angela MacDonald, director of pensions at Norwich Union, commented: "Norwich Union is changing Your Pension Select to help advisers differentiate between it and the stakeholder product.

"Advisers have told us that the initial charge is a barrier to sales and it is hoped that this, along with the fund choice, will be a driver for this market."

She explained that these amendments are in line with the company's new strategy on pensions, in which all new core pension policies are written under a single scheme to enable customers to switch products more easily.

Other changes made to the YPS product include the amplification of minimum payments and enhanced commission as of now until next March.

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