August Update
Dear Policyholders,
Some of you may have seen in the last few days that there have been press reports that the timetable for the proposed reattribution and fund transfer has been extended. The first public indication of this was given during a presentation on Aviva’s interim results last week (Aviva is the parent company of Norwich Union.)
Clare has had the opportunity to comment on the latest situation and has said:
‘I hope that eligible Norwich Union with-profits policyholders will take as a positive sign the news that the timetable for the proposed reattribution has been extended. That is certainly my view as our negotiation with Norwich Union has developed and deepened.
‘The issues we are grappling with are complex and involve a great deal of detailed analysis. This includes economic analysis being conducted for us by independent experts as well as examining a great deal of data from the company. The progress being made leads me to believe that a worthwhile offer will emerge and I am optimistic about our chances of success.
‘It is important to note that this is a challenging process in which both sides are seeking to achieve a deal that is fair to policyholders as well as shareholders. We are committed to do all we can to that end and I look forward to reporting the outcome to policyholders in due course. ‘
Norwich Union is in the process of updating its website and it will be issuing the revised timeline shown below. I have also revised our one minute briefing.
We are also working on a written communication that we can send to all policyholders to bring them up to date.
You might like to know that the economic analysis referred to by Clare is being provided by a company called LECG. We also have a lot of detailed analysis being conducted by our actuarial advisers from KPMG. A key member of the core team is Dr Eileen Marshall who is directing and overseeing this work. Please look at the ‘Meet the team’ section of the website to read more about LECG, KPMG and Dr Marshall.
We will continue to keep you up to date as the work progresses.
Yours faithfully,
Jonathan Haslam
Director of Communications.
21 November 2006
Clare Spottiswoode confirmed as Policyholder Advocate. Aviva (Norwich Union’s parent company) announced proposed CGNU Life with-profits and CULAC with-profits fund transfer and reattribution Date on which eligible policies must be in force in order to qualify for a payment should a reattribution go ahead
December 2006
Letters sent to potentially eligible customers in CGNU Life With-Profits Fund and CULAC With-Profits Fund
January - May 2007
Policyholder Advocate consulted with policyholders, financial advisers and other groups. Find out more http://www.policyholderadvocate.org/articles-and-reports
Late 2007
Update on negotiations between the Policyholder Advocate and Norwich Union.
2008
If any offer is made, eligible customers and pension scheme trustees will be informed and invited to take part. This would subsequently be followed by High Court of London, Royal Court of Jersey and Royal Court of Guernsey hearings. Any payment is unlikely to be made before summer 2008.
Please note that this timetable is not guaranteed and is subject to change
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