Norwich Union is enhancing its pension offering by launching 21 new pension investment funds.
Norwich Union is enhancing its pension offering by launching 21 new pension investment funds.*
The new funds will be available through corporate pension schemes from 4 October and through individual pensions in December. This increases the breadth of funds available from Norwich Union and provides access to a wider range of fund managers:
- 14 external funds provided by four new fund managers, including Fidelity, Investec, Newton and Schroders.
- 3 unfettered fund of funds with IMS acting as portfolio adviser
- 3 new funds (Corporate Bond, Managed High Income and World leaders) from Norwich Union
- 1 new fund (UK Dynamic) from existing provider Merrill Lynch
The new range has been chosen following a careful selection process and adviser research.
Three new unfettered fund of funds also provide scope to spread the risk by investing in a wide range of funds, offering a greater degree of balance in various market conditions for cautious or more aggressive investors.
The new funds will complement the existing range and ensure that Norwich Union continues to provide a flexible, high quality pension offering. The increased diversity in the fund range also provides advisers with access to funds with a broad range of asset classes and investment philosophies, allowing them to more accurately meet the needs of their clients.
Iain Oliver, head of pensions development, said: "We anticipate that the increased diversity of investment funds available through Norwich Union pensions will prove to be very popular with customers, giving them a wider variety of choice to meet their needs.
"The addition of these new funds is a significant step in the development of our pension offering. They have been selected to complement the existing range, giving access to a greater range of investment classes and policies from Norwich Union and a selection of leading fund managers."
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James Evans 01904 452791 Out of hours 07790 487105
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Notes to editors
- Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.
*The 21 new funds will be available on the following products:
- Designer Pension @ Norwich Union group personal pension
- Variable Money Purchase Plan Millenium series, including replacement policies from these contracts
- Variable Group AVC Millenium series, including replacement policies from these contracts
- Defined Contribution Scheme Replacement
- Trustee Investment Plan Millenium series
- NU Group Personal Pension Plan (established with Norwich Union from August 2000)
- Individual Your Pension Select
Summary of the new funds:
| Risk/return rating | Asset class | Fund provider | Fund |
| Low/medium | UK Fixed Interest | Norwich Union | Corporate Bond |
| Low/medium | UK Fixed Interest | Fidelity | Money Builder Income |
| Low/medium | UK Fixed Interest | Schroders | Gilt & Fixed Interest |
| Low/medium | Managed | Investec | Cautious Managed |
| Medium | International Bond | Norwich Union | Managed High Income |
| Medium | International Bond | Newton | International Bond |
| Medium | Managed | IMS | NU Cautious Fund of Funds |
| Medium | Managed | Fidelity | Managed |
| Medium/high | UK Equity | Fidelity | Special Situations |
| Medium/high | UK Equity | Newton | Higher Income |
| Medium/high | International Equity | Norwich Union | World Leaders |
| Medium/high | International Equity | Fidelity | European |
| Medium/high | Managed | IMS | NU Balanced Fund of Funds |
| High | UK Equity | Merrill Lynch | UK Dynamic |
| High | UK Equity | Schroders | UK Mid 250 |
| High | UK Equity | Schroders | UK Alpha Plus |
| High | International Equity | Fidelity | America |
| High | International Equity | Fidelity | Japan |
| High | International Equity | Investec | America |
| High | International Equity | Newton | Oriental |
| High | Managed | IMS | NU Growth Fund of Funds |