Your Policy forms part of the Norwich Union Superannuation Trust (‘NUST’ or ‘the Fund’) ABN 31 919 182 354. The Trustee of the Fund is NULIS Nominees (Australia) Limited (‘The Trustee’) ABN 80 008 515 633 Australian Financial Services Licence number (‘AFSL No.’) 236465 and the single responsible entity for the Fund.

What was the pension policy of Norwich Union?

Following redundancy, he transferred his final salary pension in 1992 into a Norwich Union Section 32 Pension Policy, that provided a Guaranteed Minimum Pension (GMP) upon his retirement date.

Why did Aviva merge with Norwich Union in 2000?

Aviva UK Life and Pensions has made £163million in compensation payments to 390,000 life insurance customers because it failed to keep up with the terms agreed with its policyholders, predominantly those who took out Norwich Union and CGU products prior to the merger in 2000 that later saw it become Aviva.

When did Chris Thompson retire from Norwich Union?

Nasty shock: Chris Thompson was told eight months before he expected to retire that his ‘Guaranteed Minimum Pension’ from Norwich Union would not pay as early as he thought.

What does Norwich Union do with surplus assets?

The company behind insurance giant Norwich Union has taken a step further in its plans to distribute £5bn worth of surplus assets built up in its with-profits funds. Norwich Union has made a new offer of windfalls. Find out what it means for you Norwich Union previously offered £1,000 windfalls to policyholders.

Who is eligible for Norwich Union demutualisation payout?

In general terms, anyone who is with the two funds in question: Commercial Union Life Assurance and CGNU Life – the old Commercial Union and General Accident funds. If someone is a Norwich Union policyholder and received a demutualisation payout it is unlikely they will be eligible.

What does Aviva want to do with Norwich Union?

In return for making windfall payouts, Aviva, the owner of Norwich Union, wants to share the cash between with-profits policyholders and shareholders – reassigning it from its present release conditions that say 90% would go as policyholder bonuses and 10% to shareholders.