Standard Life says thousands of children may miss out on windfall payments as their parents or grandparents have forgotten to validate their votes ahead of demutualisation.The windfalls relate to stakeholder pensions that have been taken out on behalf of children or grandchildren. Standard says 6,400 children are in line to receive entitlements in what is understood to be the first life office demutualisation to feature windfall payments for children. Up to 1.34 million shares are set to be distributed to minors, resulting in a total payout of about 3.6m based on the estimated valuation of 2.65 a share. The average allocation to children is 211 shares worth 559 and the biggest allocation is 579 shares worth 1,534. The youngest eligible member to benefit is a two-year-old. More than one-fifth of Standard’s total members – around 500,000 people – have yet to validate their membership ahead of the special general meeting on May 31. IFAs are being urged to contact clients to participate in the demutualisation vote, with the deadline for postal votes looming on May 28. Group head of media relations Scott White says: “The key issue here is because the windfalls relate back to stakeholder pensions, it is the parents or grandparents that the problem lies with.”
Direct marketing is outsourced to third party companies by 47 per cent of banks, according to research from data management specialists CDMS. The research looked at senior marketers in the top 1000 firms.
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Gartmore is likely to announce the terms of the private equity-backed management buy out of the investment house “either later today or early tomorrow morning” according to a company spokesman.US group Hellman & Friedman are currently finalising the legal details of the agreement which will be expected to lock in a number of the company’s […]
The Oakwood Group is likely to use packagers despite Michael Bolton’s outspoken criticism of the market. MBAC Consulting director Alan Cleary, who is expected to form part of Oakwood’s senior team, anticipates that the new firm will use packagers to add value and help with distribution. Cleary says: “I would have thought that Oakwood will […]
We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]
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