The Timetable
This section sets out the reattribution timetable as it currently stands. The further forward it goes the less precise it becomes and it is subject to change.
2006
November 21 - Norwich Union announce intention to consider undertaking a reattribution of inherited estate. Clare Spottiswoode CBE appointed as Policyholder Advocate to represent the interest of eligible with-profits Norwich Union policyholders
2007
January - February - Clare meets Norwich Union policyholders (including employees) at open meetings and undertook media opportunities around these meetings.
February - December - Negotiations and analysis continue
2008
February - Norwich Union announce special bonus distribution of £2.3 billion to be phased over three years
February - July - July Negotiations continue
July - policyholder advocate and Norwich Union announce agreement over £1 billion offer to eligible policyholdersSeptember - October - all eligible policyholders advised of agreement by letter
2009
February - Aviva announcement that the deal would not proceed as originally intended.
Discussions re-opened with policyholder advocate to develop deal that will provide for changes in the size of the inherited estates due to market turbulence.
May - Aviva announced the successful renegotiation of a new, flexible deal.
June - Aviva to begin issuing voting mailing packs, including individual minimum offers, to eligible policyholders.
June, July, August - Aviva to revalue the inherited estates as a rolling average. This will be the amount that any final payments are calculated on.
Summer / autumn - High court hearing expected for approval of the reattribution process.
November - We expect Aviva to begin making payments to policyholders, provided the reattribution goes ahead successfully.