Norwich Union pension launches new product

Norwich Union (NU) has announced details of its new personal pension designed to support the full financial advice process.

The new pension product will be available from December 13th and will give customers the choice as to whether they pay for their financial advice through fees, commission or a combination of both, NU says.

The new "non-stakeholder" product will give customers access to a wide range of investment funds with 29 Norwich Union funds including six socially responsible investment (SRI) funds and three fund of funds as well as 34 external funds from eight fund managers.

Iain Oliver, Norwich Union's head of pensions, said: "Our research shows that customers find planning for retirement a complex process and need the help of an adviser.

"We believe customers should take the appropriate level of financial advice for their retirement planning to suit their individual needs.

"Our new pension product ensures that we continue to cater for the full advice pension market and those clients who go down this route.

"In addition, the flexibility of the charging structure enables clients to select whether they pay for the advice they receive through fees, commission or a combination of both.

"We believe that the provision of financial advice is an essential factor in providing customers with the confidence to save for the longer term and to grow the pensions market."