Norwich Union - Reattribution

coolchris

I agree. I dont mind using the word "Robbery". If I was robbed on the street, the perp would be taken to court and jailed. The law is an !!!, just like the !!!!!!!s that milk our money.
"Rob Peter to pay Paul"

maryginger

Norwich Union, Got my papers on the cash back, £200, but I went to a meeting last year where I had to fill in papers on how they were going to present the Yes?No to members, I was paid £35, hundred of other people were also there, and it said I would get £1300 if I said YES. When I asked my Fin. Advisor about this, I was told that all the money was safe! So what has happened to it, WHY SO LITTLE PAY OUT NOW, has the directors had it???

dunstonh

So what has happened to it, WHY SO LITTLE PAY OUT NOW, has the directors had it???

You may not be aware but there was the credit crunch, the start of the recession and the stockmarkets fell 50%. £1300 was quoted as the average payout figure before all that. £200 suggests you are below average even using the revised figures.

akasad

I know I might get shot to bits here, but I can't see the question I'm about to ask been answered previously in this thread.

My $64million is; I've been offered £891 'Incentive payment' by Aviva. My endowment policy with NU is £75000, and it's in the red. If I accept this offer, what are the potential payouts might I loose out on (I know someone gonna say how long is a piece of string etc), some general terms would be handy. My mortgage matures Dec 2015.I just smell a rat here though :rolleyes:

oldwiring

An old saw is " a bird in the hand is worth two in the bush".
Go for certainty rather than something that might never come to pass.

akasad

I see there is a web site (I'm not allowed to post the link, but just google -Norwich-Union-policyholder-reattribution) that questions the legality of the offer, and it's being heard at Royal Courts of Justice. Their acusation is that shareholders are getting a disproportional amount compared to policyholders. And I still smell a rat!

chromehorse

Akasad - you should get along to one of the roadshows and make your views known. Spottiswoode is saying basically that she's been 'duffed up' by Aviva/ FSA and that, given the rules as they are, unless your policy (like mine a mortgage endowment with a shortfall) lasts until 2019 or so - see the charts in your pack - you'd be better off taking the payment. Aviva hold all the cards and you'd have to trust them and their WPC to carry out a distribution at some future date if you vote 'no'. Go to the website you mention - I'm a founder member - for lots of info about this. As for me, I'll probably vote 'yes' but will carry on fighting to get the High Court to throw out the deal, because it is patently unfair, and get the FSA to intervene and push Aviva into a proper 90:10 distribution.

list89

I have a endowment policy that's due to end in December 2023 so i'm finding it hard to make the decision on the reattribution vote. If i vote yes will i loose out in special bonus payments over the term of the policy, as my payout amount if i take it is £200. Or do i vote no to continue getting the bonus payments and risk a future payout?. Any help would be much appreciated and i thank you in advance.:o

dunstonh

list89 wrote: »

I have a endowment policy that's due to end in December 2023 so i'm finding it hard to make the decision on the reattribution vote. If i vote yes will i loose out in special bonus payments over the term of the policy, as my payout amount if i take it is £200. Or do i vote no to continue getting the bonus payments and risk a future payout?. Any help would be much appreciated and i thank you in advance.:o

This is a bit of an FAQ on this thread. Read backwards over the pages and you will get opinions.

akasad

chromehorse wrote: »

Great news! :beer: there's to be an inquiry into Inherited Estates. It's wide ranging and takes in certain aspects of the management of W-P funds; roles of the IE; role sof PA; role of FSA (hooray):j


Treasury Committee announces new inquiry into Inherited estate and
invites written evidence

New inquiry

The Treasury Committee has decided to undertake an inquiry into the
Inherited estate, held by life assurance companies with-profits
endowment funds.



Committee Membership is as follows: Rt Hon John McFall (Chairman),
Nick Ainger, Mr Graham Brady, Mr Colin Breed, Jim Cousins, Mr Philip
Dunne, Mr Michael Fallon (Sub-Committee Chairman), Ms Sally Keeble, Mr
Andrew Love, Mr George Mudie, Mr Siôn Simon, John Thurso, Mr Mark
Todd, Peter Viggers.

Has this inquiry released it's findings?