View more on these topics

Only a third back NU orphan plans

Only one-third of Norwich Union with-profits policyholders believe the proposed reattribution of the company’s inherited estate is a good idea and 41 per cent say they do not have enough information to form an opinion, according to research by YouGov.

The survey found only 35 per cent of policyholders are positive about the proposals although only 8 per cent of the 6,500 policyholders surveyed thought the move would be a bad idea.

Norwich Union’s parent group Aviva said late last year that it would be pressing ahead with plans for the reattribution of the inherited estate of two of its with-profits funds and appointed Clare Spottiswoode as policyholder advocate.

The survey found that a windfall was twice as popular as an extra bonus and the general view was that long-standing policyholders should get more money.

Nearly all respondents agreed that Spottiswoode’s role was important and most were confident they had been given sufficient ways to express their views on the possible reattribution.

The most commonly held products were lump-sum investments with mortgage endowments as second.

Most policyholders who attended the roadshows held by Aviva admitted they did not know much about with-profits policies.

There is no guarantee that any reattribution deal will be done and no final deal is expected until at least 2008.

Spottiswoode says: “I have been very encouraged by the positive engagement we have had from so many policyholders at such an early stage in the process. It is clear there is a significant interest in achieving a fair deal for policyholders, which both I and Norwich Union must try to meet. Negotiations are at an early stage at present and we have not yet begun to discuss any numbers. These survey results are a powerful reminder of our responsibilities to those we represent.”

Recommended

All the fun of the share

Advisers must be quick on their toes to operate in the area of pensions and divorce.

It’s a living thing

Hartford Life marketing and distribution managing director John Enos on why living benefits could be a £20bn a year market and the implications for advisers.

Health - thumbnail

Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com