• From The BBC:

    The High Court has approved the offer by the Aviva insurance company to pay out about £500m to one million savers in two of its with-profits funds.It means most payments should be made by the end of the year. So far about 850,000 savers have voted to accept the deal, which will see most receive between £200 and £1,000 each. Under the “re-attribution” process, policyholders have been asked to accept money to relinquish any future claim to the surplus cash in the funds. “Today’s decision by the High Court is an important step towards completing the reattribution,” said Mark Hodges of Aviva. “We believe the offer represents good value for 99% of our customers and the High Court’s approval brings individuals closer to receiving their tax-free payments.” Derisory?The vote is not a ballot requiring a majority decision.
    Instead, each policyholder in the two funds – CGNU Life and CULAC – is being asked to make an individual decision. Consumers’ association Which? had describ…

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    Posted by Jon @ 4:02 am

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