Scot Life compensates 17,000 underpaid with-profits investors

The Royal London-owned company said its miscalculation affects customers whose endowment and pension policies matured between January 2010 and March 2011, according to the Daily Mail. They will receive an extra £350 on average, though some have already been paid more than £900. It follows a review of the financial health of Scottish Life's £3.2bn with-profits fund, which has been closed to new business for the past decade. The review identified a bigger surplus than the one Scottish Life calculated when working out the value of maturing policies. This surplus determines final bonus...