Abbey National is writing to 430,000 former Scottish Provident members over the next few days advisi...
Abbey National is writing to 430,000 former Scottish Provident members over the next few days advising them of the compensation they will receive when they give up their membership rights from the sale of the mutual firm.
Qualifying members are expected to receive a share of the £1.8bn, of which £0.2bn has been set aside as additional compensation for with-profits policies.
All members will gain fixed compensation of £500 while with-profits members are expected to receive an average variable compensation of £4,400, depending on the type of policy they have and the amount of time it has been held.
Payments will be made at the end of the first quarter of 2002, so clients who would prefer to receive either loan notes, have the money deposited into an Abbey National savings account or have the money reinvested into their pension funds - rather than as a cheque - must inform Abbey National by Monday 28th January.
Loan notes are only open to UK and Irish residents, says Scottish Provident, and a separate account has also been set for those members who have not yet been identified through the demutualisation or have yet to be traced.
For more information, call the broker line on 0845 270 0888.
Policyholders residing in the UK, Channel Islands and the Isle of Man can contact Scottish Provident on 0845 270 0444 for more information. Irish policyholders should telephone 1890 923057 while overseas policyholders should telephone +44 131 348 2979.
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