Norwich Union is planning to enhance its retirement solutions range of pre and post retirement products for new and existing customers.

Norwich Union has announced that its Norwich Union Income Drawdown plan will provide an income drawdown option for customers where the sophistication of a full self invested pension plans (SIPP) is not needed. Online account management and access to a comprehensive investment fund choice, including 73 additional funds, is also added to the Norwich Union Personal Pension range.

Norwich Union’s retirement solutions range will also offer the flexibility to move client funds between personal pension plans, income drawdown, SIPP and wrap as customers’ needs change, while maintaining any A-day tax free cash protection. The company has announced that the quotes will be available for Norwich Union Income Drawdown from January 31, 2008 and the enhanced features will be available from April 2008.

Iain Oliver, head of pensions at Norwich Union, said: SIPPs are a niche pension product designed primarily for sophisticated, high net worth customers. In essence we are providing a wider range of pension customers with a lot of the control, flexibility and fund choice they are looking for with a SIPP, at a more competitive cost.