Life office Scottish Widows is expected to give-up mutual status, moving a step closer to transferring business to Lloyd's TSB group, in a special meeting this week.
Members and policyholders expect to gain at least £500 from a vote supporting the transfer and will meet in Edinburgh for the vote.
To succeed, the board's proposal to de-mutualise, will need the support of 75 per cent of voters, who include 1.6m members and 400,000 other policyholders.
If the proposal is accepted it will then go before Edinburgh's Court of Sessions for final legal approval. If gained the transfer of business to Lloyd's TSB will be effective from March 3 2000.