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Scottish Life to be &#39more aggressive&#39

Scottish Life members voted overwhelmingly to demutualise and transfer

business to Royal London at an extraordinary general meeting last week.

Qualifying members will get £500 cash for loss of membership rights

and qualifying with-profits policyholders will receive additional

enhancement to existing reversionary and terminal bonuses.

Around £960m will be distributed as enhanced benefits to qualifying

with-profits policyholders.

Windfalls have been an area of contention for policyholders as anyone who

assigned their policy is classified as having lost membership rights and

will not get the£500 windfall.

Policyholders affected could include those who may have assigned their

mortgage endowment policies to lenders in the late 1980s and early 1990s as

part of the terms and conditions of the mortgage.

Scottish Life will become the IFA division of Royal London and believes

the financial strength will make it a bigger player in the IFA market.

It is already providing a stakeholder product to Royal London and is

looking to boost its investment division which has been merged with Royal

London Asset Management. It has not ruled out a move in to the protection

market.

Scottish Life chief executive Brian Duffin says: “Our financial strength

has improved, which will allow us to be more aggressive and to take a wider

approach.

“We have a strong reputation in the pension market with our technology and

pricing but we do want to build up our investment side. It would be nice to

be in the protection market at some time.”

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