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Advocate hands in response to NU plan for orphan cash

Aviva policyholder advocate Clare Spottiswoode has sent her response to Norwich Union’s offer for the reattribution of its £5bn inherited estate in its with-profits funds.

The life office made the offer of a payment to buy out policyholders’ rights and interests in the inherited estates in two of its with-profits funds and gave Spottiswoode a timescale in which to respond.

Spottiswoode presented a letter and supporting mater-ial to Norwich Union last Wednesday commenting on the fairness of the overall offer and whether policyholders should accept the offer.

Spottiswoode says: “It will comment, among other things, on the fairness of the overall offer, on the basis of the advice I would give to policyholders about whether they should accept the offer, on the fairness of the way Norwich Union plans to allocate the offer between policyholders and on the way it intends to treat any policyholders who might decide not to accept an offer.

“The next stage will be for the company to consider my response in detail and form its own conclusions about how to proceed. My position is very clear. I want an offer to be made to policyholders so that they can make their own decision.”

She will be writing to policyholders to inform and guide them on the offer.


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