endowment

redsetter111

Hi just had my maturity value for my endowment policy . It was meant to pay £40000 but it will actually only pay £30000.
Final year bonus of 1% and terminal bonus of 7% of sum assured with a premium of 52 pounds a week .
just wondered if anyone knows if aviva or financial ombudsman was investigating the merger between Norwich union and cgu and any loss of endowment funds. I have read that during the merger up 20% of the fund may of been lost. I rang aviva yesterday they informed me that only pension and life insurance were hit not endowments, is this true.
Many thanks

dunstonh

ust wondered if anyone knows if aviva or financial ombudsman was investigating the merger between Norwich union and cgu and any loss of endowment funds.

The ombudsman doesnt do that sort of thing. That is not its remit.

There were about 800,000 policies which Aviva is rechecking for errors. They are well over half way through those and should be complete by the end of this year. If you happen to be on that list, they will contact you in due course. However, it is unlikely you are affected as the key issues are incorrect surrender values, wrong tax codes on pensions and errors on pension contributions.

I have read that during the merger up 20% of the fund may of been lost.

Source?