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Aviva errors over inherited estate payouts

Aviva has been forced to send out letters to 9,000 with-profits policyholders admitting that it miscalculated the amount owed to them in the redistribution of its inherited estate.

According to reports in the Daily Telegraph, a computer error resulted in a miscalculation of the amount which would be paid from the £1.4bn inherited estate to investors.

The majority of policyholders’ amounts are understood to have been understated and will receive more than originally stated. However, 144 people’s windfalls have been overstated though Aviva says these payments will be honoured.

One million policyholders were contacted in June to tell them how much they would receive under the reattribution but Aviva realised it had made a mistake with 9,000 policyholders.


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Comments

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  1. One long catalogue of errors…
    …with no end in sight for the trapped policyholders. Are ‘calculations’ directly related to the amount of money that Aviva needs to prop up operations in overseas markets such as India? Or does it all depend on UK company pension fund deficits, or what day it is or what the weather is like? How many errors has this company made in the past? How was this ‘mistake’ spotted?

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