Norwich Union will offer nearly one million with-profits policyholders £1bn in reattribution to forgo any possible future inherited estates payouts.
Backed by independent policyholder advocate Clare Spottiswoode after long negotiation, the plan is in addition to the £2.1bn inherited estate bonus made to policyholders earlier this year. Norwich Union, soon to be branded under parent company Aviva, says the reattribution represents “good value” to 99% of the CGNU Life and CULAC funds' policyholders. The payouts will come from Aviva's shareholder funds, not the inherited estate or the with-profits funds. About 700,000 people will receive £400 and £1,000 if they accept the deal, while a further 220,000 will be offered between £1,000 and ...
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