Norwich Union - Reattribution

akasad

dunstonh wrote: »

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

Could anyone direct me to the 'FAQ', i've trawled through these 12 pages and can't find it.

kazza106

Same question as above - I also cannot find the answer to this through all the threads:

If i vote yes will i loose out in special bonus payments over the term of the policy? Or do i vote no to continue getting the bonus payments and risk a future payout?.
Note - Is an endowment targeted to pay £49k at maturity and it is about 12 years old.

kingy123_2

I rang NU to ask what happens to all the money that was offered to people who reject the offer. I wondered if that money would go back into the 'pot' to give those who did accept a bigger share. Guess what? The money offered to people who do not accept is 're-invested' in the company. If we accept our offer, the company wins because it is what they want us to do, if we reject, they still win.

adandem

We have 2 policies, is the £200 a minimum? On our voting form it doesn't give the impression that it's variable.
Thanks

dunstonh

adandem wrote: »

We have 2 policies, is the £200 a minimum? On our voting form it doesn't give the impression that it's variable.
Thanks

£200 is the minimum. Largest I have seen is over £6000. Average I have logged is around £3500

adandem

I think we may vote 'Yes', I'm not sure yet if we'll hang onto our policies long term so don't wnat to be tied in. We may have got rid long before but didn't want to lose the payout.

akasad

akasad wrote: »

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!

I wrote a letter to both Aviva & RCJ and lodged a complaint on the basis my policy states I would be entitled to 90% of any special distributions. I've received a reply from Aviva who state:

'We would mention that an important feature of the Scheme is that policyholders are given a choice of receiving the incentive payment as described in our offer letter or, by not voting or voting 'No', retaining their interest to any future distributions from the inherited estate'.

Yeah right!!

vogelrok

I must admit i know nothing of what is going on, but do feel i have been fleeced with this with profit funds policy i was sold by the Natwest.
i asked for a savings account and this is what i got.

i wish i never had even bothered with it all.


if i had cashed in my £10000 policy before the 30th of july i would have got £8500 or there abouts. the day after the first year it is now worth £8100 lost £400 in one day.

yer i know i signed up for 5yrs in the end i will get back what i put in. or i could have just used the £10000 to have improved my business and been better off after 5yrs.

i know the markets crashed, i wont get any of these bonuses even if they are next to nothing. i feel i was missold this policy as i was neever told it was going to reattribution when i took it out one year ago.

daylight robbery at the end of the day. i cant afford to lose £2000+ but im not leaving it with them to destroy it even more. i know i can make £2000 back in 4ryrs and maybe somemore by reinvesting in my own business and taking aholiday out of it.

i wouldnt suggest anyone takes one of these products. better off in your own pocket doing nothing.

ignore the promises of bonuses they never happen.

old saying if it sounds to good to be true it is. why didnt i listen to them very words.

dunstonh

but do feel i have been fleeced with this with profit funds policy i was sold by the Natwest.

You want to a bank, which is the most expensive distribution channel and saw a sales rep. You havent been fleeced but you have been sold to.

if i had cashed in my £10000 policy before the 30th of july i would have got £8500 or there abouts. the day after the first year it is now worth £8100 lost £400 in one day.

It has no initial charges and an initial allocation of upto 108%. With natwest you probably only got around 101.5%. If you surrender the investment in the first 5 years you pay a surrender charge. So, looking at the cash in value is obviously going to show a lower value.

yer i know i signed up for 5yrs in the end i will get back what i put in. or i could have just used the £10000 to have improved my business and been better off after 5yrs.

You could have done tens of thousands of investment options. No telling what will turn out best until time passes. 1 year is not enough.

i wont get any of these bonuses even if they are next to nothing.

The daily bonus is being paid. Its not great at the moment but consistent with a typical savings account. The final bonus wont be good at the moment. You may not even have one but that is the bonus that fluctuates with investment performance but cannot go below zero.

i feel i was missold this policy as i was neever told it was going to reattribution when i took it out one year ago.

Thats not grounds for mis-sale.

i cant afford to lose £2000+ but im not leaving it with them to destroy it even more.

You are not losing anything. So, you now want to pay to get it out of there even when you dont have to? The Aviva portfolio bond has a couple of hundred funds with free switching. This includes low risk cash funds through to higher risk funds investing in china, emerging markets etc.

i know i can make £2000 back in 4ryrs and maybe somemore by reinvesting in my own business and taking aholiday out of it.

Why didnt you do that then? The only reason you wouldnt is if you think you cant do that.

i wouldnt suggest anyone takes one of these products. better off in your own pocket doing nothing.

I have a few of these on my books and not one of them is unhappy. It is doing exactly what was expected and required. I woudlnt want my own money in them but my risk profile and investment knowledge is not consistent with the fund.

ignore the promises of bonuses they never happen.

Except they do and you are getting them.

old saying if it sounds to good to be true it is. why didnt i listen to them very words.

As I said before, you are better off trying to understand what you have, how it works and the options available rather than slagging it off unfairly.

EVERYLITTLEHELPS

I have a frozen pension and have been offered just under £400 to vote 'Yes'. My pension will run another 18 years and I have no idea if I will ever be able to add to it again due to now being a stay at home mum.
Any helpful advice on whether I should take the money now?
Thanks.