From the start of the new tax year (April 6th) any retirement product investing in a new TIP, before or after retirement, can benefit from the changes.

The offer’s main features are that it removes the plan management charge, as well as the early encashment charge. This means that the only charge left is the annual management charge of 0.625 per cent.

Norwich Union adds that there will be 100 per cent allocation rate and no loyalty bonus on the products as well.

“Overall, this makes the product simpler and a much more flexible proposition for IFAs and increases value for clients,” Norwich Union said.

Simon Warsop, head of retirement product development at Norwich Union, said “The feedback we have had from IFAs is that simplicity and flexibility are the key factors for both IFAs and their clients.

“This special offer addresses both of those needs and combined with the Norwich Union brand and our financial strength, we believe that we have developed a very strong proposition”.