Norwich Union, a provider of life, pensions and investment products, is set to reduce the charges on its Norwich Union Stakeholder Pensions and Individual Your Pension Select Personal pension products, effective February 1, 2008, although quotes are now available.

Norwich Union Stakeholder Pension charges, for new business, will be reduced from 1.5% to 1% per annum and the base charge on both products will be reduced from 0.7% to 0.55% per annum.

Iain Oliver, head of pensions at Norwich Union, said: The reductions to our charges offer great value to customers and provide flexibility and greater choice to advisers.

By reducing the charges on individual pensions (with no commission) to 0.55%, we are offering a great platform for advisers to offer competitive fee based advice to pension customers.