Scottish Life has commenced payment of windfalls to more than 189,000 policyholders as a result of i...
Scottish Life has commenced payment of windfalls to more than 189,000 policyholders as a result of its takeover by Royal London earlier this month.
The payments are being paid to members of the former Scottish Life Assurance Society, as compensation for the loss of member rights due to the transfer of business to the Royal London Mutual Insurance Society.
Reports suggest though that some 14,000 policyholders will not be receiving their windfall on time because they have failed to keep the life group informed of their current addresses.
Scottish Life spokesman Alasdair Buchanan said these policyholders were due to receive a £500 cheque but have had correspondence returned to us by the Post Office. A total of 190,000 policyholders have recently received their £500 windfall while another 14,000 trustees, mainly holders of occupational pension schemes, can look forward to the above pay out plus added bonuses averaging £3,500 because they hold with profit policies.
Buchanan said: "Our intention has always been to pay compensation for loss of membership rights as quickly as possible. Close to 90% of qualifying members will have received payment within a month of the takeover, which compares very favourably indeed with other demutualisations. We are working strenuously to make payments to the remaining members as soon as possible."
A helpline, 0845 203 0246, has been set up for any members that believe they may due a windfall payment following the demutualisation of Scottish Life and its establishment as an IFA within Royal London.
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