Average ScotProv with-profits policy to receive £4,400

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 ha...