Norwich Union "windfall"

Mr_Brillo

I wonder if any other people with Norwich Union With Profits Endowment policies have missed this as I have because I moved house recently and did not inform them of a change of address.

It would seem that NUL is going to "reattribute" a large pot of money that it has built up over the years, which appears to start back in the 1970's.

Here's a link to an article on the This is money website, which is quite informative. http://www.thisismoney.co.uk/mortgages/endowments/article.html?in_article_id=414872&in_page_id=55

I have a with profits policy that dates back to the 1980's and matures in a few years time. It, probably like so many others, will fall far short of what I originally believed it was going to do - (yes I have complained about miss-selling and was told I didn't have a case).

It would appear to me that unless that money was somehow sitting in a "Trust" account that didn't benefit the company or its' shareholders and just grew until they decided what to do with it, some sort if missappropriation of other peoples assets has gone on! But I'm not claiming that they did that - but it is interesting to know that they have held onto cash that was due to others (not the company) and no-one was the wiser until NUL told someone about it!

Does anyone know when the company went public about this or does anyone have a view on who should benefit from this? I for one certainly don't think the company should and if it has in the past - then any income earnt by the company from this pot, should be re-attributed back to the pot.

dunstonh

Its been often discussed on the forums over the last 15 months since it first became known.

Its a good thing for policyholders.

some sort if missappropriation of other peoples assets has gone on!

That is not the case.

Mr_Brillo

Well, don't I feel the complete prat! I must have been in hybernation (or not reading my mail from NUL) as this was the first I had knowingly heard about it.

If there are any threads that you can point me towards, so that I can educate myself, I would be most grateful.

Then I can understand the matter in full.

Dunstonh - thanks once again

dunstonh

You joined this month. You wouldnt have known.

The threads dont actually tell you any more than the NU site. Indeed, most of them tell you less because they go back to a period when less was known.

I would stick to NU for information at this stage and keep an eye on this forum for updates which may come from the FSA authorised individuals who usually know information before its released to public.

EdInvestor

The windfall only applies to people with policies that were formerly with Commercial Union or General Accident BTW, not with NU itself.

Mr_Brillo

Many thanks both of you. There goes some vain hope of boosting our endowment to what its' target was. It's a NUL policy, reference number starting with ARL.

James_N

EdInvestor wrote:

The windfall only applies to people with policies that were formerly with Commercial Union or General Accident BTW, not with NU itself.

Confused. Why?

ballybaun

In 1988 I took a GA endowment poilcy out, it was transferred to commecial union then onto nul. it matured in 2003, up until nul took over my policy did well, now I know why! the dirty dogs stashed the cash.




:mad: