Norwich Union (NU) has launched Nurture, a stakeholder pension product aimed at charities and the non-profit sector.
The new stakeholder will be available to charities through Regent, the City based pension advisor. NU claims that its stakeholder is an attractive solution for employers that have difficulty funding a pension scheme, as it has a 0.8% maximum charge.
According to NU, there are over 1000 employers in this sector employing more than 750,000 people. Activities range from caring and fund raising organisation to independent schools and housing associations. NU says that the nature of employment within this sector means that many employees, prior to the launch of stakeholder, were excluded from access to a pension scheme.
Jerry Barnfield, director of pensions development at NU, said of the new charitable stakeholder: “We have created a specially designed scheme to reflect the sectors needs and believe that this affordable proposition will enable employers to provide pensions for previously non eligible workers within this sector.”
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