Norwich Union - Reattribution

MiloH

EVERYLITTLEHELPS wrote: »

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.

With 18 years to go there is certainly the potential for you to gain more by holding on and voting no. Before making that decision you need to be pretty sure that you aren't going to decide you want to transfer it (or die) within a few years and thereby missing both the reattribution payment and a potential special distribution.

EVERYLITTLEHELPS

MiloH wrote: »

With 18 years to go there is certainly the potential for you to gain more by holding on and voting no. Before making that decision you need to be pretty sure that you aren't going to decide you want to transfer it (or die) within a few years and thereby missing both the reattribution payment and a potential special distribution.

Thanks for your help. I have been wondering if there was an option to do that. Where could I transfer it and would there be penalties? Would this be a good option and if so should I wait until the stock market picks up?

akasad

We're still undecided whether to vote yeah or neah, seems wrong that we have to vote before this matter is heard in the Royal Courts of Justice in September :mad:

akasad

We've received new ballot papers with a new submission date :rolleyes:

Wsb5tails

Me thinks they are too desperate for us to say yes. I will resist bowing to someone elses will as it leads me to think they have more to gain than me.

dunstonh

so02see wrote: »

Me thinks they are too desperate for us to say yes. I will resist bowing to someone elses will as it leads me to think they have more to gain than me.

Doesnt matter how you vote. Its going ahead regardless.

So, you should think of yourself in this case and not try and look for conspiracy theories where there are none.

Wsb5tails

dunstonh wrote: »

Doesnt matter how you vote. Its going ahead regardless.

So, you should think of yourself in this case and not try and look for conspiracy theories where there are none.

of course it matters how I vote ....to me!!!

touchy

oldwiring

E,ail received The attachedstates that voting has been extended to 21 September and

Reattribution election
More than 85% of our eligible policyholders have now voted in the reattribution, with 96% having voted YES to accept our offer and receive a tax-free cash payment now in return for their interests in any potential future special distributions from the inherited estates.

With those figures I don't see the courts failing to retify the scheme.

I am in two minds about the extension. IMO ample time was given to make a decision, but then I think, am I being too righteous?

dunstonh

I am in two minds about the extension. IMO ample time was given to make a decision, but then I think, am I being too righteous?

The mailshots didnt all go out at the same time. Some people got theirs 8 weeks before others. Some of the last ones didnt get very long to decide. An extension to the timescale covers Aviva somewhat from the inevitable individual who will try to take them to court for not giving them enough time.

RobbedRobbins

chromehorse wrote: »

:eek: The latest newsletter from Clare Spottiswoode's office refers to coverage on Citywire and ThisisMoney about the ongoing battle between Clare, trying to get the FSA to stop NU screwing its long-suffering policyholders, and greedy Norwich Useless, who'll stop at nothing to steal policyholder money.

If you hold a Norwich Union bond or mortgage endowment you'll know how pathetic - and still shrinking - the returns have been. How can they ignore this and threaten to run away from the deal because they can't steal more than the 10% to which they have at least some entitlement?

I am amazed that the admittedly impotent FSI can allow this situation of daylight robbery to go on without someone doing something! My husband has a 20yr endowment policy with NU which has run for 10 yrs so far and is worth £3000 less then what he has actually paid in so far. Like all the other policy holders he was bribed to keep this policy with the promise of a bonus of at least £400 (told £1000 on the phone) last year only for NU to renage. Now he is trying to cash it in he has been hit with an MVR penalty which were imposed by NU during this time.There is NO MENTION of an MVR in his policy details and the first we heard of this was in Feb this year in an article in DM. NU's behaviour therefor is tantamount to fraud as far as we are concerned as he would have sold the policy back in 2008 if he hadn't have been advised not to because he was in line for a £1000 bonus from the inherited estate. At that time the policy was worth £10,000. Today it is worth £9300 after having paid in a further £1200 in payments during this time and now the deduction of an £800 MVR!
If this insn't fraud or mis selling at the very least I don't know what is!
Surley this must be illegal practice? Anyone else got any thoughts on this diabolical behavious by NU? I must say we have been thrilled (not) to see their TV advert expenditure on the cost of changing their name to Aviva
whilst we sit and see our monthly premiums go into lining their pockets on false promises to their policy holders and underhand actions in applying retrospective MVRs