With-profit report fails to impress

CLARE Spottiswoode, the former energy regulator who represents investors in Norwich Union’s (NU) with-profits funds, has been forced by NU owner Aviva to black out key figures in her report on the group’s controversial offer to investors over distributing a “surplus” capital pot.

Spottiswoode is irked as some of the details may have aided the one-million policyholders on NU’s offer of a £200 each minimum payout or to remain a part of the estates.

Aviva cited “commercial confidentiality”. It is thought her report may have shown attempts by Aviva to reduce its offer to the policyholders.

Intelligent Pensions adviser David Trenner added the report’s “mouth-watering” 515-page length means the policyholders will have to seek advice just to understand it.

“Even the executive summary runs to 44 pages,” he said.