norwich union..endownment with profit fund "reattribution "pay outs????

[syds mum]

hi just popped in from HSBC forum.. my reason is we had a letter before xmas, regarding reattribution of the endownment we have with norwich union the policy is 10 years old..... now we dont have the property anymore but continued the endownment payments for when we buy again...we are confussed tho... need to know what this is all about??? the jist of it in my opinian is we get an "incentive payment offer" for giving up our interest in any possible future payouts...our policy, payments, premiums and normal bonuses will not be affected if we take the payment when offered...the offer is meant to be made in spring 2008... this is daunting and wondered if anyone else is in the same boat and can advise what its all about... there is a lot of info in the letter but i cant get my head round it....so will post more if needs be...thanks

debbie xx

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[patrickq1]

you may take the payment but if they sell up then you will lose extra shares benefit i would have thought,i have had my endownment since 1982 with them it has dropped several times and now is at a shortfall of some 15000, but i beleive a windfall payment is due any time due to the fact that they have made excess profits and the profits have not to be shared with the directors but to go to the shareholders
patrickq1
we have not got that letter you have so i will be making enquiries

[syds mum]

hi patrickq1... it does state that you have to have had an investment in one of the realavant funds... which we have, gods knows which fund this is but they have done the investing!!! i will scan the letter and post it up here... it does say that we will give up any "future payouts" (special distributions) from the "inherited estate" and what you say sounds right... there is more money than needed to meet commitments of the payments at maturity!! i think!!!! i just dont know what to do and what we will be giving up exactly!!!

debbie xx

[syds mum]

heres the letter...

A further update on the changes we're proposing for our with-profits funds
You will recall I wrote to you in September about our plans for a fundtransfer and reorganisation of our CGNU Life and Commercial Union Life Assurance Company (CULAC) with-profits funds.
I am now pleased to confirm that, as your policy is invested in one of the relevant funds, you will be eligible to choose to receive an incentive payment provided the 'reattribution' (see below) goes ahead and you keep your investment in that fund untiI then.
What is the payment for?
In my last letter, I highlighted how we plan to transfer some of our with-profits funds into one existing Norwich Union company. We believe this will help us operate more efficiently on your behalf.
At the same time, we are planning to reorganise or 'reattribute' part of the money that has built up in the CGNU Life and CULAC with-profits funds. This money, known as the inherited estate, is above the expected amount needed to meet policyholder and other commitments.
As you are an eligible policyholder, if we proceed with our proposals, we will be offering you an incentive payment in return for giving up your interests in any possible future payouts ('special distributions') from the inherited estate.
If you're unsure what any of these terms mean, or would like a recap on our plans, the enclosed booklet, 'Your Questions Answered' provides a
full explanation. It is entirely up to you whether or not you accept this offer when or if it is made. Your policy. premiums and the normal bonuses your investment earns will not be affected, whatever you choose to do.
We are committed to protecting your interests and are following a strict legal and regulatory process.
How much might the payment be?
At this stage, we don't know how much you will receive if you accept our offer, as this is still subject to negotiations with the Policyholder Advocate, Clare Spottiswoode. She has been appointed to represent the interests of policyholders in negotiating the reattribution offer. The offer will reflect what we believe is a fair incentive payment in exchange for you and other eligible policyholders giving up your interests in any possible future special distributions from the inherited estate.
What action do I need to take now?
There is no immediate action for you to take.
This remains a very complex transaction, requiring a huge amount of time consuming and detailed work. As I explained in my last letter we have therefore extended our original timetable to make sure we allow enough time to get everything right.
If we agree an offer with the Policyholder Advocate I will write to you again in spring 2008. At that point, I'll tell you what our offer is and ask you to make your choice.
If we do not believe the negotiated outcome is fair to both policyholders and shareholders we will not go ahead and make a reattribution offer.
In the meantime, if you're thinking of making any changes to your policy, please remember it could affect your eligibility for the proposed reattribution. I've summarised the main points you should consider in the section "I am thinking of changing my policy" in the 'Your Questions Answered' booklet.
The booklet also explains our proposals and answers important questions our policyholders have asked since we first announced our plans. If you have any other questions, there's a dedicated website where you can find out more: www.norwichunion.comlfund transfer. You can subscribe to our special e-mail updates through the website. You can also call our helpline - the number is on this letter.
If you'd like to find out more about the Policyholder Advocate and her role, you can visit her website www.policyholderadvocate. org or call her office on 0800 0566 399 (for the Republic of Ireland 1800635059 and for international calls +44(0) 208 945 09
I want to reassure you we are still committed to working out a deal. We will only go ahead with a reattribution, however, if the negotiated outcome is fair to both policyholders and shareholders


debbie xx

[patrickq1]

Q&A: Norwich Union windfalls | This is Money

try this link of questions and answers hope it helps
patrickq1

[patrickq1]

also
Norwich Union: We want cash not bonuses | This is Money

[syds mum]

thanks for that patrick will give it good read when i get back from fetching kids!!!
debbie xx