This is policyholder advocate's original website which was launched on 21 November 2006.

This site has been regularly update during the reattribution negotiations but was closed to new information on 31 May 2009. We have kept it open as reference site.

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May Update

Dear Policyholder,

This morning Aviva has announced that it is to go ahead with the plan to make an offer in respect of the reattribution of the inherited estates of the CGNU and CULAC with-profits funds. Please follow this link to see its statement http://www.aviva.com/index.asp?PageID=44&category=corporate&year=Latest&newsid=4926

The release we have issued this morning (see below) sets out, among other things, some details of the roadshows we intend to run to answer policyholder questions.

Next steps

In June full information packs will be sent to policyholders containing individual offers and voting forms. Policyholders will have several weeks to come to their decision. Aside from the information packs, we will have a report for those who are interested in the highly detailed background to the reattribution, which will be ready around the time that the information packs are sent out. The appendices which form the basis of the report will be available a little later. We are currently working through them to make sure that they fully reflect the changes in the way the offer has been structured.

From the time that the information packs go out our call centre staff will be ready to try to help with detailed questions. We are also working to update our website to make sure that it has the latest information available. The changes will go live in June.

Yours faithfully

Clare Spottiswoode CBE

 

6 May 2009

Spottiswoode pleased new reattribution offer to be made to Aviva with-profits policyholders.

In June this year around one million with-profits policyholders are to receive an offer from Aviva to buy out their interests in the inherited estates of two of the company's with-profits funds.

This offer succeeds the plans announced in July 2008 which were overtaken by the turmoil in the financial markets in October of that year. Clare Spottiswoode and Aviva have since been in detailed discussion about a way of making an offer to policyholders that is flexible and can adapt to any changes in the value of the estates. Policyholders will be given an initial offer which is the lowest they would receive based on an estate value of £1.2 billion. The estates will be valued in June, July and August and a rolling average value will be used for the final calculation of the amount to be paid to those who decide to accept the offer.

Policyholders will be given guidance to help them make their judgment about the offer in material prepared by the policyholder advocate. This will form part of a comprehensive information pack, including material from Aviva and the Independent Expert that will be sent in June. Clare Spottiswoode is also taking part in 11 roadshows for policyholders around the country, in the Republic of Ireland and Jersey.

Clare Spottiswoode said today:

'This is good news for policyholders after the turmoil in the financial markets that affected the plan announced last year. This offer is also good for the great majority of policyholders under the FSA's current rules.

'The Aviva proposal shows that together we have found an imaginative way of keeping the reattribution in place which includes the opportunity for policyholders to benefit from any increase in the estates. Policyholders who decide not to accept the offer and keep their rights to future special distributions are also protected.'

 

Notes to editors

1. Clare Spottiswoode is available for interview.
2. High quality images are available from Vismedia 0207 613 2555
3. Clare Spottiswoode will hold roadshows in London (2), Exeter, Cardiff, Birmingham,
Manchester, Jersey, Newcastle, Edinburgh, Belfast, and Dublin between 23 June and 22 July.

 

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