Another question for Financial types

[Just Say No To Vorderman]

Had a letter from Norwich Union about my pension. I am eligible to participate in the reattribution of the CGNU Life and Commercial Union Life Assurance co with profit funds.
It appears they want me to vote in favour of this reattribution in exchange for a lump sum and they say it won't affect my policy.
can anyone explain to me what these with profit excess funds are and what might happen if the vote goes against it?
am I right in thinking this is the money they've made out of investments that is above what they need to pay out the pensions, and money they've made from people pegging out younger than expected..and that what they're trying to do is a cash grab?

[Ginger Yellow]

Another question for Financial types

Not my field, sorry.

[ursus arctos]

Another question for Financial types

Not mine, either, though I did find this Q&A which looks like it could be useful.

[WOM]

Another question for Financial types

Me either. But I know my dad had something similar happen to him. A small life insurance policy from an old employer was wound up and where he stood to benefit to the tune of $10,000 when he died, he actually received something like $16,000 from the windup. So he quickly signed the papers and laughed all the way to the cruise booking office.

[Just Say No To Vorderman]

Another question for Financial types

ursus arctos wrote:

Not mine, either, though I did find this Q&A which looks like it could be useful.

very useful thank you...looks like i should take the money