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Age-75 rule a top priority for NU pensions head
Paul Goodwin has made raising the profile of company pensions and promoting "considered debate" around the age-75 rule his priorities upon taking the top Norwich Union pensions job.
Five weeks into the role, the insurer's new head of pensions said he wanted to use the company's profile to bring greater attention to the issue and work with IFAs to achieve this goal.
He said: "The key issue that we are working on is employee engagement - helping employers through their advisers to highlight the value of their current pensions benefits offerings.
"This is hugely important if we are to avoid a dumbing down of the pensions market once personal accounts are introduced."
On suspending the age-75 rule for purchasing an annuity - which was rejected as an amendment to the Pension Bill by the House of Lords last week - he warned against "a knee-jerk reaction".
He said: "We are keen to have a serious considered debate around the issue of the age-75 rule. However a knee-jerk reaction such as a temporary suspension should be avoided as it unlikely to help the very people it aims to support.
"It would set a difficult precedent that would add confusion and cause issues at a later date, if for example, we saw a dramatic downturn in annuity rates. Now is a time to reassure customers and maintain confidence in the industry."
Kevin Hains, IFA of Croydon-based Francis Townsend & Hayward, said he welcomed Norwich Union's attention to such issues.
He said: "The more we discuss these areas the more likely we are to promote development in them and getting large providers involved is a good thing."
