Ready money would be twice as popular as an extra bonus and long standing policyholders should receive more, according to a survey of Norwich Union policyholders eligible to claim from the £4bn orphan assets pot.
More than 6500 Norwich Union policyholders have given their views on the reattribution of the inherited estates or orphan assets in the CGNU Life Assurance and Commercial Union Life Assurance funds. Orphan assets are unclaimed cash built up by the life insurers to provide financial security for the business.
Policyholders participated in an online survey and a telephone survey while voting at a series of roadshows run by Clare Spottiswoode, the Policyholder Advocate, were also analysed.
From the roadshow voting, there was low support for treating holders of mortgage endowment policies differently to other policyholders.
Around two-thirds of roadshow attendees also voted “no” when asked if policyholders whose bonuses were poor in recent years and whose policies have matured should receive a payment.
More policyholders thought the proposal to reattribute the assets to be a good idea (35%) than bad (8%) although the greatest number (41%) did not know enough yet to form an opinion.
Spottiswoode says: “It is very clear that 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.”
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