Aviva With Profits Reattribution Approved
Published / Last Updated on 17/09/2009
Aviva With Profits Reattribution Approved
The High Court has approved the revised reattribution deal of excess ‘with profits’ funds.
The offer is a revised one following huge falls in stockmarket and property funds meaning that the then “Norwich Union”, now Aviva with its original offer and applied for a new deal.
Reattribution is where excess profits or funds have been sat inside two of Aviva's ‘with profits’ funds and they should have been distributed to policyholders invested in those funds.
The deal was overseen by independent policyholder advocate Claire Spottiswoode and has been approved now by the High Court.
Payments to qualifying policyholders in the CGNU with profits funds and Commercial Union Life Assurance with profits fund should be made before Christmas.
It is estimated that £500m will be distributed to 1m policyholders, with average payouts of between £200 and £1,000.
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