Norwich Union Cuts Stakeholder Pension Charges
Published / Last Updated on 09/12/2007
Pensions
Norwich Union is cutting stakeholder pension charges from 1.5 per cent down to 1.0 per cent.
They are also reducing the base charge on its stakeholder and personal pension products from 0.7 per cent to 0.55 per cent, where no commission is paid.
Our view
The original maximum stakeholder charge was just 1% pa for all providers and has only ever used 1% pa or below contracts. We do not see this as a huge gesture from Norwich Union. However, the nil commissions, fee based advice contract at 0.55% pa is extremely competitive.
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