Norwich Union

home-ed-mum

Hi,
I've read a mention of Norwich Union having a fund maturing in 2008 which will give a windfall...

I have a with-profits NU endowment (originally GA but it was taken over). Will this benefit my policy?

Can anyone explain more about it please?

Thanks.

dunstonh

It was first announced about 12 months ago and its still only proposed but it is looking more likely now. They are dispersing orphan assets valued at approx £3.3 billion.

CGNU and GA plans should benefit. However, those that benefited from demutualisation in 1997 are not expected to benefit.

lolly1963

Hi,
I was told that if you accept any offer from them regarding this, then you have to keep the policy till maturity.ie policy cannot be surrendered if any payment is made.

lorraine.

concho007

I also have one of these policies (with profits endowment) but my mortgage now is repayment so I dont need it in that respect. I really need the cash to pay off some CC bills etc so I have been playing around with different companies for the max amount that I can get for it. NU offered me £6000 to cash it in. Then I tried various internet companies and they all offered me about the £6500 mark but I refused them all, and kept saying that I want at least £7500. Then I got an offer for £6900, and this morning I got an offer for £7330. So I was thinking of keeping it at least until the windfall comes through, they are going to announce what is happening at the end of November but its still not certain that they are going to be allowed to give out any windfall amounts. If they do it wont be for at least 2 years. And I have heard that it may only be about £400. So I don't think its worth waiting around for I have found a link below that explains more.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=404832&in_page_id=7

http://www.timesonline.co.uk/article/0,,5-2022860,00.html

EdInvestor

lolly1963 wrote:

Hi,
I was told that if you accept any offer from them regarding this, then you have to keep the policy till maturity.ie policy cannot be surrendered if any payment is made.

lorraine.

This is not correct. Normal surrender arrangements will apply post windfall.