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Scot Life members to get windfall two months early

Scottish Life members will receive their £500 loss of membership rights over the next week, two months ahead of schedule.

The cash payouts will go to around 190,000 of the 218,000 qualifying policyholders. The remaining 28,000 qualifying members are mainly trustees and policyholders who have not yet been traced. They will be sent their payments over the next few weeks.

The windfalls amount to £95m and were not expected until the end of September. The payment follows the transfer of ScotLife’s business to Royal London on July 1.

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