One million Norwich Union policyholders to share £1.4 billion

in Savings & Investments
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  • paylesspayless Forumite
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    having worked for them ( Commercial Union) in the past I have 5 qualifying plans ( 3 pensions , 1 mtg endowment & 1 matured savings plan - payout was poor)- don't envy the postman , as I've seen a dummy pack already!
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • smartpicturesmartpicture Forumite
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    I had my pack a week ago, but it didn't include the voting form, which is the key bit! I have two policies with them, but only one qualifies.

    It has a detailed explanation of how to decide to vote yes or no, although I suspect most people will just grab the money and not read it. Even if you do, it's based on many best-guesses on what will happen in the future, which is notoriously hard to predict! Aviva say that 99% of people are better off taking the offer, the policy advocate says between 75% and 95% would be better off taking the money. After reading it all, I'm inclining towards saying No as I don't desperately need the money right now and I suspect I will be one of the 25% not better off.

    Everyone should get their money by the end of 2009.
  • an1179an1179 Forumite
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    payless wrote: »
    having worked for them ( Commercial Union) in the past I have 5 qualifying plans ( 3 pensions , 1 mtg endowment & 1 matured savings plan - payout was poor)- don't envy the postman , as I've seen a dummy pack already!

    Hey I worked for CU for 28 years till 2002 :j I have one endowment maturing in 2010 and one joint one in 2013, have not received my offers yet.
  • clithesclithes Forumite
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    bagby wrote: »
    we have an endowment policy with them - will we be eligible - we havent received any paperwork about this?

    Aviva have a policy checker to see if you are eligible. I cannot post a link so go to the Aviva website and search for Reattribution, they have a mini site dedicated to it

    Regards
  • paylesspayless Forumite
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    an1179 wrote: »
    Hey I worked for CU for 28 years till 2002 :j I have one endowment maturing in 2010 and one joint one in 2013, have not received my offers yet.

    I lasted about 18 months before being made "redundant" in 1992..( after leaving a bank position) possibly my worst career move ..
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • edited 12 June 2009 at 1:05PM
    JohalaReewiJohalaReewi Forumite
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    edited 12 June 2009 at 1:05PM
    My CGNU with profits qualified but matured in 2007 so I missed out on the extra bonuses and don't get a vote. Looks like I will just get a payout. What's the betting it's nearer £200 than £1000 :D

    If it is £1.4billion between £1million policies then the average payout should be around £1,400 per policy :confused:
  • BaldurBaldur Forumite
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    If it is £1.4billion between £1million policies then the average payout should be around £1,400 per policy
    That assumes that every policy was of the same type, had the same value and had run for the same length of time, as their criteria take these points into consideration when calculating the payout valuation.
  • tightrstightrs Forumite
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    just read through quickly i have been offered £354 and i think i will vote no ,has anyone been offered anywhere near £1400 :confused:
  • edited 12 June 2009 at 1:39PM
    dunstonhdunstonh Forumite
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    edited 12 June 2009 at 1:39PM
    has anyone been offered anywhere near £1400 :confused:
    I have one client that has £2200. Most of the ones I have seen have been around the £800 mark

    The average is also not £1400. The average payout is £500.

    You would expect pensions and investment bonds to get bigger payouts than endowments.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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