Financial analyst Ned Cazalet fired off another salvo against Standard Life this weekend, claiming that on the basis of the Scottish Widows demutualisation it would be worth £16bn.
Using the same methodology as Standard Life's own actuarial advisors Tillinghast, Cazalet says the average windfall would be £7,000.
The UK's largest mutual has threatened to sue Cazalet for defammation. The threat was made two weeks ago, however, and he has not received a writ.
Standard Life has estimated its worth at £12bn and windfalls at less than £2,500.
Cazalet says an individual who took out a £60-a-month mortgage endowment policy in 1985 would be in line for £6,000 while someone who has invested £80 a month for the last 20 years would stand to gain £31,000.