NU reduces MVRs again

Norwich Union has reduced its MVRs for the second time this year in a further step to remove all exi...

Norwich Union has reduced its MVRs for the second time this year in a further step to remove all exit fees on its with-profits fund. Investors who made purchases in 2000 still face a rate of 6% if they choose to pull their investment from the groups' with-profits funds. However, those who made unit purchases in 1998 and 1999 will now face MVRs of only 1% and 2% respectively. In January the group reduced the MVR on 2001 policies to 0%. The changes apply to investors in the CGNU, CULAC and NULAP with-profits funds and take effect on 2 March this year.