Anyone got a pension with Aviva
29 August 2009, 02:34 PM
#1
Anyone got a pension with Aviva
As above.
Just got a letter about voting? Its about Aviav's reattribution? Apparently if you vote yes you get a nice lump sum if its approved by the High Court?.
Can any explain in simple terms what you actually scarffice by voting yes?
Just got a letter about voting? Its about Aviav's reattribution? Apparently if you vote yes you get a nice lump sum if its approved by the High Court?.
Can any explain in simple terms what you actually scarffice by voting yes?
29 August 2009, 08:30 PM
#5
Scooby Regular
Norwich Union bought Commercial Union and a few other smaller insurance companies in the dim and distant past. There was a large amont of money within NU that couldn't be allocated to policyholders for one reason or another. The head honchos of NU thought it was a great wease to pocket this money. Then some policyholder wielding a modicum of power (Clare Spottiwoode) said that this wasn't fair and it should be dished out to the existing/current policyholders. She then put pressure on FSA to get NU to give the money to policyholders and not NU.
Its taken a good few years and every time you call NU you get the "You know about reattribution don't you?" which is translated into "If you transfer your clients money away they could lose money and sue you nasty IFA man!"
So we get to the stage where the money is offered - this money has also suffered over the last 12 months and is less than was originally available.
The vote is whether you want to money to be divided by the policyholders or kept within NU. IMHO the difference to most people between keeping the money in or dividing it up is negligible and it would take a long time to earn to make up any potential losses you would incur by giving a positive answer.
I absolutely detest and loathe Norwich Union or now Aviva - actually since the name change the service offered by Aviva has gone downhill. They have treated a critical illness claim of one of our clients with nothing short of f*cking contempt. I'm charging them interest on the claim money and a big bill for our time.
Its taken a good few years and every time you call NU you get the "You know about reattribution don't you?" which is translated into "If you transfer your clients money away they could lose money and sue you nasty IFA man!"
So we get to the stage where the money is offered - this money has also suffered over the last 12 months and is less than was originally available.
The vote is whether you want to money to be divided by the policyholders or kept within NU. IMHO the difference to most people between keeping the money in or dividing it up is negligible and it would take a long time to earn to make up any potential losses you would incur by giving a positive answer.
I absolutely detest and loathe Norwich Union or now Aviva - actually since the name change the service offered by Aviva has gone downhill. They have treated a critical illness claim of one of our clients with nothing short of f*cking contempt. I'm charging them interest on the claim money and a big bill for our time.
30 August 2009, 02:39 PM
#6
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These companies make my blood boil which is why I have lessened the amount I have to do with them all over the years. They are just self-serving greedy tw@ts dishing themselves out masses of wonga as all our pensions and endowements dwindle.
I carefully chose a pension with Scottish Amicable years ago, with the IFA's considerable slice of monthly premiums being invested back in my pension rather than denied to the fund in its formative years. Scot Am were the best performing pension at the time but they later sold the company to Prudential - a company who didnt even figure in the performance ratings at the time. Was I asked if I was happy with this? Did I get a share of the profit etc - of course not. Pension has also performed like shhh whilst they all collect bonuses and management continue to drive Bentleys. I've reduced the contributions year on year and made other arrangements now and have 100% control over and no leeches chipping away. Maybe this will not prove to be the best option over the next 15 years or so, but the risk and gamble element is much lessened.
I think we all need to have a big think about trusting them with our hard earnt in future. They have generally shown their colours now anyway and I'm sure many a pension would have been better off in a building society.
D
I carefully chose a pension with Scottish Amicable years ago, with the IFA's considerable slice of monthly premiums being invested back in my pension rather than denied to the fund in its formative years. Scot Am were the best performing pension at the time but they later sold the company to Prudential - a company who didnt even figure in the performance ratings at the time. Was I asked if I was happy with this? Did I get a share of the profit etc - of course not. Pension has also performed like shhh whilst they all collect bonuses and management continue to drive Bentleys. I've reduced the contributions year on year and made other arrangements now and have 100% control over and no leeches chipping away. Maybe this will not prove to be the best option over the next 15 years or so, but the risk and gamble element is much lessened.
I think we all need to have a big think about trusting them with our hard earnt in future. They have generally shown their colours now anyway and I'm sure many a pension would have been better off in a building society.
D
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Not sure why, maybe because I haven't been with them long enough perhaps.
03 September 2009, 12:13 AM
#9
Scooby Regular
chris, they have different investment funds/pots I'm in the same boat as you, wrong pot!! found out 2 weeks ago so asked for a transfer out figure, have I heard anything yet, NOT, so definatly not happy.
03 September 2009, 04:23 PM
#11
Scooby Regular
Given the MVRs being applied to Aviva With Profits any gains will soon be swallowed if you attempt to move your money.
As for not being able to get a transfer figure, they should be able to give it to you over the phone. If its a really old one they have to manually calculate it but just ring them, take a name, tell them to do it pronto and ask for how long it will take. If nothing after the time they supplied ring and make a formal complaint - they have to pay more attention to that.
Then if they don't provide it again within the time specified send them an invoice for £50. Cheaper for them to just pay than investigate and you get a free lunch for your trouble.
We compete to see how much we get out of insurance companies in a year in complaints fees. Our MD is winning with £800 so far since Jan.
03 September 2009, 07:23 PM
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In theory the reattribution goes to with profits policy holders as they are shared owners of the fund. However the reattribution is spread across multiple funds and many subcompanies from GA, CU, PM, NU, etc, etc.
At present the money is sitting in a variety of funds and not really benefitting anyone. The 'greedy bosses' can't touch it (by the way, when I was a greedy boss of NU it was a 911 and a drag racing Scoob not a Bentley thank you
), but neither can the policyholders or the shareholders.
When Prudential went through this process the free assets were very significant and the incentive was for the shareholders to fill their pockets. There followed a long negotiation with regulators and finally a split was agreed between the company, shareholders and policy holders.
Technically as a policyholder you have no right to the money. The money comes from policies that have matured that people have not claimed, or they have died and it has not been placed into the estate. So the money does belong to someone, not everyone.
Typically the age limitation is something like 90 years.
So if you say yes you are really saying yes to I'll have some and I will let the shareholders have some. If you say no then no-one gets any and it stays invested in a fund inside Aviva but will never be given to anyone.
By voting yes you are not losing anything as it was not yours, or Aviva's to start with. They are merely custodians of the unclaimed money.
So boil your blood away, it will make no difference. Vote Yes, take your money and enjoy it. It won't be much - it is about a third of the value it was when they started this process about six years ago.
Oh, and it may not seem like it, but every decision made in this process has to be agreed by an independent customer advocate.
Trout
At present the money is sitting in a variety of funds and not really benefitting anyone. The 'greedy bosses' can't touch it (by the way, when I was a greedy boss of NU it was a 911 and a drag racing Scoob not a Bentley thank you
), but neither can the policyholders or the shareholders.When Prudential went through this process the free assets were very significant and the incentive was for the shareholders to fill their pockets. There followed a long negotiation with regulators and finally a split was agreed between the company, shareholders and policy holders.
Technically as a policyholder you have no right to the money. The money comes from policies that have matured that people have not claimed, or they have died and it has not been placed into the estate. So the money does belong to someone, not everyone.
Typically the age limitation is something like 90 years.
So if you say yes you are really saying yes to I'll have some and I will let the shareholders have some. If you say no then no-one gets any and it stays invested in a fund inside Aviva but will never be given to anyone.
By voting yes you are not losing anything as it was not yours, or Aviva's to start with. They are merely custodians of the unclaimed money.
So boil your blood away, it will make no difference. Vote Yes, take your money and enjoy it. It won't be much - it is about a third of the value it was when they started this process about six years ago.
Oh, and it may not seem like it, but every decision made in this process has to be agreed by an independent customer advocate.
Trout
Last edited by Trout; 03 September 2009 at 07:25 PM.
03 September 2009, 07:27 PM
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