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Aviva Starts Reattribution Process Of £1.2b Inherited Estate

Aviva UK has invited policyholders of CULAC and CGNU Life funds to vote in the reattribution of £1.2 billion inherited estate.

With in a few weeks, customers will receive voting packs providing details about the reattribution process and minimum payment for policy holders.

The offer depends on the type of policy held, the value of the policy and how long the policy is in force. Each policyholder has an individual opportunity to accept or decline the payment in return for giving up their right to future special distributions from the inherited estate.

Gary Price, Reattribution Director for UK Life, Aviva, said: “For policyholders who don’t vote this will be classed as a no vote and they will not receive a payment. However customers vote they will continue to receive their normal bonuses and it will have no impact on the security or performance of their investment.”

Policyholders are supposed to vote by 21 August, ahead of a High Court hearing in September 2009. The company will start sending payments to policyholders from November 2009, if approval is given for the reattribution.