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Widows policyholders vote for Christmas cash bonanza

Scottish Widows policyholders are set for a financially merry Christmas thanks to members voting in favour of its take-over by Lloyd&#39s TSB, leading to a £5.4bn cash bonanza.


Nearly 97 per cent of the mutual insurer&#39s members voted to transfer business to Lloyd&#39s TSB at a general meeting in Edinburgh, ending Widows184 years as a mutual society.


The decision means 900,000 of the society&#39s with-profit policyholders will reap on average £5,600 in March next year when the deal becomes effective.


Scottish Widows chairman Lawrence Urquhart says: “While today is the end of a chapter, it does not mark the end of the story.”


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