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With-profit report fails to impress

CLARE Spottiswoode, the former energy regulator who represents investors in Norwich Union&rsquo;s (NU) with-profits funds, has been forced by NU owner Aviva to black out key figures in her report on the group&rsquo;s controversial offer to investors over distributing a &ldquo;surplus&rdquo; capital pot.<br /><br />Spottiswoode is irked as some of the details may have aided the one-million policyholders on NU&rsquo;s offer of a &pound;200 each minimum payout or to remain a part of the estates.<br /><br />Aviva cited &ldquo;commercial confidentiality&rdquo;. It is thought her report may have shown attempts by Aviva to reduce its offer to the policyholders.<br /><br />Intelligent Pensions adviser David Trenner added the report&rsquo;s &ldquo;mouth-watering&rdquo; 515-page length means the policyholders will have to seek advice just to understand it.<br /><br />&ldquo;Even the executive summary runs to 44 pages,&rdquo; he said.