NU heads east

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NORWICH UNION has been granted a licence to set up a company to sell pensions to private individuals in the east European country, Poland.

New regulations introducing personal pensions for individuals as a top up to the basic state pension are due to come into effect in Poland shortly.

Norwich Union intends to sell pensions directly to Polish citizens as well as through bank assurance and insurance company channels. The company will also use agents, Richard Harvey, the group chief executive, said.