norwich union payout ?

joebob

just been reading the mirror says there could be a windfall payment for policy holders .I have an endowment policy, does this count?

ReportInvestor

Hi Joebob, again .

More up to date details on this MSE thread

It refers to people who have policies with CGNU Life and Commercial Union Life. Not all Aviva or NU policyholders will be eligible.

And nothing has been decided for certain even for those policyholders.

dunstonh

Also remember that the NU endowment promise still exists upto a maximum of £5000. It isnt a guarantee but NU have said they would give 3 years warning if it was to be withdrawn. It is not expected to be withdrawn though as the worst has gone by.

Man-Alive

Nice to see that my shout out on this annoucemnet the previous week turned out to be right.

http://forums.moneysavingexpert.com/showthread.html?t=305711

dunstonh

The first forum mention of this was at the beginning of the year.

oldwiring

What are folk's imitial reaction to the reattribution scheme, the general principldx that is?

doberryfirkin

oldwiring wrote:

What are folk's imitial reaction to the reattribution scheme, the general principldx that is?

I cannot give the answer to this but I too am very intersted in what it means. Got all the blurb from NU and don't really understand the implications. Is it a stitch up by NU?

EdInvestor

The terms of the deal haven't been revealed yet.

oldwiring

I am thinking of the genral principle that lies behinf the move. Whatever is actually offered, the choice will be between taking something definite then and foregoing some unquantifiable benefit at some indefinite future time, or hanging our hats on that unquantifiable untimeable future benefit. On the latter choice IMO we will have no control; the actuaries will have that. May be people of different ages will take different views of what in principle they favour, money now or sometime.

Are MSE'ers accepters of the bag of silver. or seekers of the crock of gold at the end of a rainbow?

dunstonh

You will be giving up the right to go back and take a second bite of the cherry in future years. These funds build up over time (long time).

Its a great thing that NU are doing here. AMP (previous owners of Pearl) raided the orphan funds about 6 years ago and kept all the money for themselves. Technically, the money doesnt belong to policyholders although the moral position is that it should do. Because there are legal issues here, it has to go through a proper process.

oldwiring

dunstonh, the bracketed *long time* seems to me a major factor in any decision to be made. As an oldun I'm not to sure I have enough heartbeats or inhales left to take that chance.