Norwich Union - the UK's largest insurance company - and The Carphone Warehouse - one of Europe's leading mobile communications retailers - have teamed up to offer a designated stakeholder pension scheme to encourage greater pension provision amongst Carphone Warehouse employees.
Norwich Union - the UK's largest insurance company - and The Carphone Warehouse - one of Europe's leading mobile communications retailers - have teamed up to offer a designated stakeholder pension scheme to encourage greater pension provision amongst Carphone Warehouse employees.
The Norwich Union stakeholder scheme was arranged for Carphone Warehouse by financial advisers Sedgewick Independent Financial Consultants. Norwich Union was chosen as the provider due to the strong and well known brand, wide range of investment funds and the highly competitive charging structure. Norwich Union also offers extensive e - commerce facilities enabling employees to follow the progress of their plan and make selective on-line changes to the plan.
Commenting on the scheme, Charles Dunstone, chief executive officer of The Carphone Warehouse, said: "As retail Employer of the Year looking after our employees is our greatest priority. This stakeholder pension scheme is an excellent example of this and we are delighted to announce the launch of this tailored scheme to our 3,500 employees. The scheme our advisers have negotiated gives members access to quality pension products with the UK's largest insurer."
Jerry Barnfield, director of pension development at Norwich Union, said: "We are very pleased to have been chosen by The Carphone Warehouse to offer their employees stakeholder pensions. Providing for your own financial future has never been more important, and the launch of stakeholder can only help in getting this important message over both for employers and their employees."
- ends -
Notes to editors
- A stakeholder pension is a new type of private pension available from 6th April 2001 and meets new regulations set down by the Government.
- The value of investments can go down as well as up and is not guaranteed. Full written details are available on request.
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł210 billion.
- From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
Press Office contacts:
James Evans at Norwich Union Press Office on 08703 66 68 78
Tristia Clarke at The Carphone Warehouse Press Office on 0845 6041207