Policyholders with interests in £5bn of inherited assets in two of Norwich Union's with-profits funds should be allowed to make their own decision on the provider's proposed offer, advocate Clare Spottiswoode says.
She will outline her wish for policyholders to be consulted in her formal response to Norwich Union’s recent offer of a payment to buy out policyholders’ rights and interests in the inherited estates. “My position is very clear - I want an offer to be made to policyholders so that they can make their own decision,” she says. Norwich Union announced a special pre-reattribution distribution (90% to policyholders and 10% to shareholders) of £2.3bn on 5 February 2008. Payments to policyholders would be made in three stages for those eligible on 1 January 2008, 2009 and 2010. Spottiswoode’s...
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