NU opts to defer settlements

Norwich Union is temporarily deferring settlements on its unit-linked property fund, blaming tough t...

Norwich Union is temporarily deferring settlements on its unit-linked property fund, blaming tough trading conditions. The deferral period, which could last up to six months, will affect transactions including surrenders, switches, partial surrenders, transfers, and new requests for automatic partial withdrawals. Exceptions to the deferral period will include circumstances such as critical illness, and policies with a contractual maturity or retirement data. Norwich Union's marketing director David Barral says: "We recognise this will be disappointing for some investors who may want i...