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Scottish Life calls last orders on demutualisation payouts

Scottish Life is making a last call for former members to get in touch if they had an eligible policy at the time of the company’s demutualisation in 2001, as they may be entitled to a payment of £500 for loss of membership

Such compensation payments must be finalised by 1 July 2007, six years after the date of demutualisation. After this time, there will be no entitlement for compensation payments for loss of membership.

A web-based service at http://www.scottishlife.co.uk/slmembership has been set up to deal with enquiries.

There are currently around 15,000 former members of Scottish Life who are still eligible for compensation, representing a total amount of unclaimed payments of approximately £7.5 million.

Following the demutualisation, Royal London put in place a three stage tracing procedure for tracking down former Scottish Life members who had not responded to earlier multiple mailings: This has enabled it to find over 210,000 members already and make payments to them totalling more than £105 million.

Scottish Life head of communications Alasdair Buchanan says:

“In line with the legal procedure established at the time of demutualisation, we are now approaching the final deadline of 1 July 2007 for claims. We are therefore making a final call for people to contact us if they think they may be entitled to a payment for loss of membership. If their details are on the list of people who are due payment, we will take the necessary steps to process their claim.

“Any money which isn’t paid to former members by 1 July 2007 will remain in the Scottish Life Fund for the benefit of those people who have policies in the Fund.”

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