Standard Life has issued a warning to its 2.3m voting members that many of them will receive windfalls of hundreds not thousands of pounds if the company demutualises.
Carpetbagger Fred Woollard who is leading the conversion campaign has been saying that policy holders stand to gain payments of £5,000 to £6,000.
The warning from Standard Life is the first step in a major campaign by the life office to defend its pro-mutual status.
Standard Life group managing director Scott Bell says “The suggestion that policyholders will receive 'average' windfalls of up to £6,300 is extremely misleading. In reality, few policyholders would receive anything like that amount.”