Aviva two-year wait for reattribution

In the past, Aviva, of which Norwich Union is a wholly-owned subsidiary, had been reviewing the possibility of reattributing the inherited estate or orphan assets, from the £15.8bn CGNU Life and the £16.3bn Commercial Union Life Assurance Company. An inherited estate is money that has built up in a with-profits fund for many years, which is above the amount that is expected to be needed to meet current and future policyholders’ commitments and other obligations such as tax expenses. However, IFAs had accused Aviva of trying to encourage clients to stay with the with-profit funds by s...