Aviva's cutprice windfall is pounds 580; yourmoney: : SAVINGS.
MORE than 800,000 Aviva customers will get windfalls averaging pounds 580 in time for Christmas.
The pay-outs - sweeteners for surrendering their rights to surplus cash in the firm's with-profits funds - end a four-year saga.
While policyholders will be relieved to know their cheques are finally in the post they may also feel shortchanged. When Aviva started this process they were led to expect pay-outs of around pounds 1,000.
This was slashed when the value of the fund fell in the credit crunch.
But the FTSE 100 Index has just had the best three months in its 24-year history, rising more than 20%.
So it looks horribly like the pay-out was fixed at the worst possible time for customers. Either sooner or later and they would have got more.
Aviva boasted that 87% of the one million savers with money in the CGNU and CULAC funds had voted with 96% of those opting for the cash.
But given the choice was between some money now or the vague possibility of a pay-out in several years time that's hardly surprising.
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|Publication:||The Mirror (London, England)|
|Date:||Oct 2, 2009|
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