Around 1.6 million Scottish Widows policyholders are to get fixed payments of at least £500 each sho...
Around 1.6 million Scottish Widows policyholders are to get fixed payments of at least £500 each should the group's takeover by LloydsTSB go through. Approximately 900,000 with-profits policyholders are set for extra payments linked to the size, term and type of policy the have.
A vote on the proposal of the LloydsTSB takeover will take place on 22 December and if passed there will be a final court hearing on the proposal in February 2000. When this stage is reached the transfer of Scottish Widows to LloydsTSB is expected to go through on 3 March, with qualifying members expected to receive their compensation payments in June.
The level of variable payments for with-profits policy-holders is still to be finalised.
As a guide, Widows has said that a policyholder who paid a £25 a month with-profits premium into an endowment or versatile endowment policy since 1979 may get an extra payment of £5,850.
Broadly, qualifying members will be those who held a Widows policy on 22 June 1999 and remain a policyholder until 3 March 2000 or became a member of the group as a result of a policy application received by the life office on or before 22 June 1999.
Widows is also proposing to confer membership on those, including people whose policies have terminated since 22 June 1999, who the group feels have had to end their policies through no fault of their own, by events such as death or expiry of term which the group considers to be out of the person's control.
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