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Scottish Life to demutualise

Scottish Life members voted overwhelmingly to demutualise and transfer business to Royal London at its EGM this week.

Qualifying members will receive £500 cash for loss of membership rights and qualifying with-profits policyholders will receive additional reversionary bonuses and a terminal bonus enhancement.

Approximately £960m will be distributed as enhanced benefits to qualifying with-profits policyholders. Windfalls have been an area of contention as anyone who assigned their policy lost their membership rights and will not receive the £500 cash.

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