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Norwich Union "windfall"

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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.

Comments

  • dunstonh
    dunstonh Posts: 119,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    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.
  • 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
    dunstonh Posts: 119,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    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.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    The windfall only applies to people with policies that were formerly with Commercial Union or General Accident BTW, not with NU itself.
    Trying to keep it simple...;)
  • 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
    James_N Posts: 1,090 Forumite
    Part of the Furniture 500 Posts
    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?
    Under no circumstances may any part of my postings be used, quoted, repeated, transferred or published by any third party in ANY medium outside of this website without express written permission. Thank you.
  • 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:
    :eek: :eek: :eek: :eek: :eek: :eek: Till we meet again.
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