The third redemption date for Scottish Widows Group Limited loan notes, the result of the transfer i...
The third redemption date for Scottish Widows Group Limited loan notes, the result of the transfer in 1999 of Scottish Widows Fund to Lloyds TSB, is 31 March 2002.
Loan note holders need to submit their redemption instructions by 1 March 2002 in order to redeem in March 2002. The interest rate payable on the loan notes over the current interest period is 3.98% per year.
Scottish Widows has so far issued more than £530m to loan note holders who opted to redeem either all or part of their holding.
A cheque for the face value of any loan notes redeemed in March will be posted on 27 March 2002. At the same time, a separate payment will be made of loan notes interest for the period from 28 September 2001 to 27 March 2002. The interest payment will be made in respect of all loan notes held on 27 March, whether redeemed in March 2002 or not, and will be at a rate of 3.98% per year for this period. The interest will be paid net of the usual 20% income tax.
There will be a further opportunity to redeem loan notes every six months until 31 March 2008, subject to the terms and conditions of the loan notes.
Loan notes holders should be aware that this is the second redemption made during the current tax year and should take this into account for taxation purposes.
Further information on loan notes can be obtained by calling the Scottish Widows Helpline on 0845 7600 100.
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