Aviva extends reattribution voting deadline
Aviva has extended the deadline for its ballot on the reattribution of its with-profits surplus by one month, to 21st September.
The insurer is proposing that a windfall of not less than £200 and up to £1,150 be paid to with-profits policyholders holding CGNU and Culac policies that were in force on November 21st 2006.
In return beneficiaries will surrender any future interest in the funds’ surpluses.
Policyholders who vote against the offer, or fail to vote, will receive nothing but will keep their entitlement to any future reattribution.
The group has also announced that three-quarters of the one million votes are already in, with 96% in favour of the offer.
Payments should be made in November and will be well below original estimates because in May, Aviva cut the total payout to £400 million, down from £1 billion promised earlier.
Negotiations over the reattribution have taken a couple of years because of a dispute over the proportion of the surplus that should be paid to shareholders.
Market volatility in the credit crisis meant that the funds lost value as the row with policyholder advocate, Claire Spottiswoode, dragged on.
Category: Aviva News, Insurance News
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