Norwich Union - Reattribution

baby_boomer

She put off the distribution in the hope of getting more for policyholders.

In the meantime the markets bombed, so that the excess capital halved and Aviva could claim that the excess capital left needed to be held to protect existing policyholders.

So policy holders can expect diddly squat

Government 0
Spottiswood 0
Aviva 1
Policyholders 0

alared

The reattribution has already happened,an amount was added to your policy in Dec last year and another amount in Jan this year.
The final payment should be added next Jan 2010.

The lump sum which should have been paid sometime in the summer is being renegotiated DOWNWARDS.
Don`t know when that`ll finally be paid, if ever.(don`t hold your breath)

This great reattribution idea was NU (aviva),who saw a great oppotunity to get their greedy hands on the "orphan fund" but have managed to drag it out for over 4 years and now,of course claim,the assetts have gone rapidly down in value, due to that favourite gordon brown word, GLOBAL downturn.
At the same time they are at present paying the likes of Ringo Starr in a £9 MILLION advertising campaign about a silly name change.

Next year my policy reaches 10 years and I can cash it in WITHOUT penalty.
And that`s what I will do,lump sum payment or no or no lump sum payment.

That in nutshell is what has happened in this whole fiasco.
:mad::mad::mad:

dunstonh

That in nutshell is what has happened in this whole fiasco.

Not really. You are too biased against NU as your posts have always shown. Sure they want to pay out as little as possible but the blame also has to lie with Claire Spottiswoode as well.

We know that in January 08 that NU was offering £2.1 billion (of the £2.6 billion) to be distributed but Aviva at that time were claiming that Spottiswoode had not yet engaged fully on the details of any offer and continued to argue over the legal basis on which the talks are taking place. She was after 90% of the pot but there was not a strong legal ground for that. Aviva had said that if that was the figure they would walk away from it.

The estimated value of the estates at the end of March 09 was £1.4bn. So, from Aviva offering £2.1 billion Jan 08, the pot itself is now only valued at £1.4 billion (meaning a payout figure of around £1.1 bn is more likely now). Holding out for more and dragging out the process (and earning £250k a year in the process for what it a part time job) has been a big part of the problem.

alared

Yes, and you`re too bias towards NU and all the other financial providers, but of course there is a vested interest there.

Don`t try to put the blame on C.Spottiiswoode,who would have all her work cut out to keep track of all the "wheeler dealings" of NU.
Someone had to be enticed onboard to represent the policyholders,so if it wasn`t her it would be someone else.
People who are interested can read my post above and can make up their own minds.
I have no axe to grind and have stated my intention for next year when I can get out penalty free. (not having up to 20% grabbed from my policy)
So stop sprouting a load of nonsense and let the posters who are interested read through the thread and make their own minds up.

dunstonh

Yes, and you`re too bias towards NU and all the other financial providers

No I am not. I can point out many issues with NU and other providers. However, I dont see why those other problems mean that they should take the blame for everything.

but of course there is a vested interest there.

Why?

So stop sprouting a load of nonsense and let the posters who are interested read through the thread and make their own minds up.

You really are blinkered and letting your bias cloud your vision.

Wsb5tails

Can someone tell me the deal with this stuff about being able to cash in after 10 years, this was the first I've heard of it. My policy was intended to pay off my Morg but I've almost done that without Aviva's help (on account of being told I was likley to be £33k short of target a a few years ago). So right now I'm thinking if I could get away with paying the £200 a month to my lender instead of Aviva plus any lump pay back after my 15 years of contributions, I could wipe out the two Direct Debits in one go.

alared

dunstonh wrote: »

You really are blinkered and letting your bias cloud your vision.

More tripe from you.
Above I`ve stated facts about the whole reattribution fiasco (in a nutshell),which I noticed you didn`t comment on but tried to blame C.Spottiswode for NU failure.

I`ve stated clearly what I intend to do next year to prevent NU imposing a MVR and getting their grubby hands on up to 20% of my hard earned.

You`re the one that stated you advise potential "investors" that they could lose 40% of their capital within the first year and at the same time you`re sprouting what great policies these companies offer.

Total nonsense yet again from you.

alared

so02see wrote: »

Can someone tell me the deal with this stuff about being able to cash in after 10 years, this was the first I've heard of it. My policy was intended to pay off my Morg but I've almost done that without Aviva's help (on account of being told I was likley to be £33k short of target a a few years ago). So right now I'm thinking if I could get away with paying the £200 a month to my lender instead of Aviva plus any lump pay back after my 15 years of contributions, I could wipe out the two Direct Debits in one go.

I cannot answer about mortgage endowment policies,apart from saying you will really have to read what you`re policy states right down to the "small print and nitty gritty".

A with-profit policy,which I have,has a built in clause stating that on the 10th annisversary I can surrender my policy without any penalties being imposed by the company (NU/Aviva) who could normally impose a penalty by as much 20% of my valuation.
So on a valuation of £100k they would rake off £20,000.
Hope this explains the "10 year cash in".

dunstonh

Total nonsense yet again from you.

You really dont have much of a clue do you. You have a "Daily Mail" based opinion and level of knowledge and think it makes you an expert. Nothing wrong with an opinion but try and be more objective.

You`re the one that stated you advise potential "investors" that they could lose 40% of their capital within the first year

Correct. That is the sort of warning that anyone should have when undertaking a higher risk investment. The sort of people that post to this forum daily with their DIY investments who know exactly what they are doing. The sort of people that buy FTSE trackers or similar every day. The stockmarket has dropped by more than 40% twice in the last decade. So, clearly the risk warnings are correct and sensible to give. You seem to find that strange but its quite normal.

I have never heard of someone complaining about being told of risks before. Usually its the other way round.

and at the same time you`re sprouting what great policies these companies offer

Really? Please provide evidence of any recommendation of their products on this board.

Above I`ve stated facts about the whole reattribution fiasco (in a nutshell),which I noticed you didn`t comment on but tried to blame C.Spottiswode for NU failure.

You like everything to be black and white don't you. You want one party to be blamed for this and your preference is NU. Yet you cannot deny the fact that NU were willing to pay £2.1 billion out last January but it was CS that wouldnt agree it. Yet now its looking like £1.1 billion. She may have had reasons but only she seemed to be against that payout.

alared

Norwich Union's with-profits policyholders are unlikely to receive
their cash from the reattribution of its inherited estate until 2010.

http://www.ifaonline.co.uk/public/showPage.html?page=ifa2006_articleimport&tempPageName=840525

Yet more delays :mad: