aviva - reattribution offer

dunstonh

I am confused why the offer was extended and this makes me nervous

They have enough to do what they want to do. So, any responses now dont affect the actual outcome, just the individuals concerned. i.e. you specifically. The extension is to allow them to catch late responders and those who take ages to deal with their mail. Plus, they did make a bit of a mess with some people getting their information very close to cut off and some people getting multiple packs. A fairly typical Aviva admin muckup.

The problem you have is that the future is unknown. They could distribute a special bonus next year or it could be 10 or 20 years before you see another. Special bonuses dont come around often. You only have 10 years left. So, you could very well go without the £620 offered and never see a special bonus.

A bird in the hand is worth two in the bush.

MiloH

I agree with all of that dunstonh. There's a lot to be said for a bird in the hand. It's anyone's guess when the next special distribution might be made, if ever, but my money would be on 15 years from now when all those mortgage endowments have matured and the liabilities associated with them have gone.

I think Aviva were always going to allow end of September for votes to be received and accepted - Aviva staff were unofficially telling policyholders there would be leeway some weeks before they announced the extension. They had a 70% response by the first deadline and they're now over 80% so maybe that's been a good strategy.

peterbaker

Did someone say Audit trail?

... there will still be some who complain or even take action against Aviva for not letting them know their options ....

That's an incredible spin for an IFA to put on what to so many onlookers appears to be a form of daylight jiggery-pokery.

I too received another letter last weekend (not the one just gone by). I was busy last week. No options in their letter to speak of this time, just an actual figure for the bribe ... £900+ in my case. 'Take it or leave it, but be quick - we've given you another two weeks' was effectively the message. So, where's this £900+ come from exactly? In my case it's £900+ on a With Profits Norwich Union Section 32 Final Salary Pension Buy-Out policy which commenced in 2004 at about £25,000 invested and which I think now has a transfer value of about £35,000. So, as reattribution hasn't yet happened, I can perhaps assume that untouched it's achieved a modest 7% growth over 5 years in an NU With Profits fund apparently structured the old way, i.e. before they carve it up in the name of "reattribution" ... For the unwary, I might remind MSE'ers that reattribution is a term no-one ever heard a peep about when they were sold anything under the heading of 'With Profits'.

So then, after agreeing to this jolly wheeze, am I to expect my funds to continue to grow at a modest 7% pa despite the bribe of £900+, which I calculate is equivalent to a one-off of barely over 2.5%?

Yeah right

I can do without this kind of cheap pulling of the plug with regard to monies that this outfit is apparently still licensed to safeguard as my pension. I would urge everyone else to tell Aviva to put the bribe money back exactly where they found it and make sure they prudentially manage it ALL for fundholders' benefit i.e. for the benefit of ALL current fundholders, and tell them to keep their greedy mits off it.

katies_mum

My two low cost endowment policies wit Aviva matured a few months ago, I have not heard from them regarding the reattribution offer - am I right in thinking I will get something but as the policies have matured they will just send it, or should I be contacting them?

Thanks

G51shopaholic

We took out our Endowment policy with General Accident in Jan 1988 - oh sooooooooo long ago (and my husband had more hair then!).

Now our 25 year policy is just over 3 years away from maturing, but alas all the promises of gold have turned to dust.

So what was sold as - "pay off your mortgage, go on a cruise for your silver anniversary & a new luxury kitchen" has turned into won't pay off your mortgage but hey sorry.

We didn't qualify for the 6% guarantee because we hadn't received a red warning letter but needless to say that soon appeared once the closing date for the 6% club was closed. And at the last check the shortfall on a very modest £23,500 mortgage was £4,000 - so that might be enough for the cruise & the kitchen but as I hate boats I won't lose any sleep over it.

Our miserable offer from Aviva is £439.97 - if we vote NO then we'd be flushing this money down the toilet. As once your policy matures you have no claim - so is that why it's taken so long to get sorted?

What annoys me is how much OF OUR MONEY have they spend to get this sorted? At one point we we're advise we'd get around £4,000 - so I though - oh good that'll cover the shortfall - but then the dark clouds decended and the financially lunies have be caught short and the fund went from 90% for "us" and 10% for AVIVA to what seems to be the otherway around. Any why has it taken over 3 years?

So please tell me - when my policy "matures" who pays?

If there all this "funds money" sitting around it should be used to meet the shorfalls of policy holders who were promised the moon and the stars only to find the chocolate sweeties had melted in the packet!

dunstonh

Our miserable offer from Aviva is £439.97

You only have a small policy value. You shouldnt really expect more.

At one point we we're advise we'd get around £4,000

At no point has anyone from Aviva made such claims. Even at the peak of market, the average payout never got close to that figure.

missile

G51shopaholic wrote: »

if we vote NO then we'd be flushing this money down the toilet.!

You have not voted? :eek:

The deadline has passed. You missed your chance to vote and the toilet has been flushed. See here > http://www.aviva.com/customers/reattribution-and-fund-transfer/

Badger717

I never recieved a voting pack, despite advising them 3 times and asking for one to be resent out. Now awaiting Aviva panel to decide what they are going to do,as a large number of us never received the voting pack. Like that will happen before xmas 09.

Badger717

Complained, got my vote and awaiting my cheque.

katies_mum

My policies matured about May of this year, I havn`t heard anything. Do you know if I am entitled to anything, I thought that if your policies had mature you didn`t have to do anything.
Should I contact them? I had 2 policies both maturing after 25 years.