Standard Life Policyholders Still Failing to Register
Half a million customers risk missing out on Standard Life Windfalls
22nd May 2006
Insurer Standard Life have said they are still waiting for nearly half a million policyholders to contact them and register for the pending flotation, which is expected to provide windfalls averaging £1,700 to each customer.
Around 20% of eligible for any windfall have not responded to the mutuals letters about the proposed demutualisation, and time is running out with the deadline for registration falling next sunday.
Any policyholder who doesn't register before then will be unable to vote in the postal ballot, and will not automatically receive a windfall. Any cash they're entitled to will be held in escrow for ten years, giving the missing a chance to come forward and stake their claim, but they will have to go through a process of proving their identity and eligibility to the money.
It's believed that some of the missing policyholders have policies worth £50,000 or more which would entitle them to larger windfalls than average, and Standard Life says it is considering whether the expense of trying to trace some of the larger policyholders can be justified.
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Products from Standard Life : Health Insurance |
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More on Demutualisation : Standard Life Shares Rise on Day One (News, 11/07/2006), Cut in Standard Life Flotation Windfalls? (News, 12/06/2006), 98% 'Yes' by Standard Life Members (News, 03/06/2006), Kent Reliance Dangles Demutualisation Carrot (News, 23/05/2006), Standard Life Calls for Members to Make Contact (News, 24/04/2006), See all 10 Demutualisation stories >>> |
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