Aviva : Policyholders vote to accept the cash reattribution offer

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    Over 40% of eligible policyholders have now voted on whether to accept Aviva’s cash reattribution offer. All other customers must now decide whether to accept the offer and should return their completed voting forms to Aviva – no later than 21 August 2009. If policyholders want to receive the cash payment they must vote “YES” – if they do not vote at all, Aviva will have to assume they do not wish to receive a payment.

    Aviva has posted reattribution voting packs to around one million eligible policyholders*, including 35,000 sent to customers in 130 countries around the world.  The packs have been sent to policyholders in countries as far flung as the Philippines, Pakistan and Yemen.

    Aviva’s call centres have taken over fifty thousand calls from customers and the company’s website has experienced high levels of consumer traffic – evidence that customers are considering their options very seriously and will make an informed choice.

    Any policyholder who believes they may be eligible for the reattribution but who has not yet received their pack should call 0800 051 1566 as soon as possible. The line is open from 8am-8pm Monday – Friday and 8.30am – 5pm on Saturday.

    The voting pack contains information from Aviva and the policyholder advocate – Clare Spottiswoode – to help policyholders make their choice. It is an individual choice that each policyholder must make for each eligible policy they own; payments are not subject to a majority vote.

    Gary Price, reattribution director, Aviva, said: “We are delighted with the response we have received from policyholders this early in the process and we would encourage all other customers to vote as soon as possible.”

    Clare Spottiswoode, the policyholder advocate, who represents the interests of policyholders has said: “The offer is good news for policyholders after the turmoil in the financial markets that affected the plan announced last year.  This offer is also good for the great majority of policyholders under the FSA’s current rules.

    “The Aviva proposal shows that together we have found an imaginative way of keeping the reattribution in place which includes the opportunity for policyholders to benefit from any increase in the estates.  Policyholders who decide not to accept the offer and keep their rights to future special distributions are also protected.”

    Aviva’s flexible reattribution offer is linked to the value of the inherited estates which will be calculated over the summer. If the reattribution goes ahead, the incentive payment will not be less than the amount shown on each customer’s offer letter; but it could be more. The minimum policyholder incentive payment is £200 but the deal has been structured so that any increases in the value of the surplus funds by the reattribution date in October will be reflected in the payment.**

    Key dates in the reattribution process

    The following table outlines the key dates within the election process:

    aviva vote