Windfalls – what happened last time?
Three previously mutually owned organisations – Friends Provident, Scottish Provident, and Scottish
Life – have announced that, subject to members’ approval, they are to lose their mutual status.
Should all three de-mutualisations go ahead, figures in the media suggest that the resulting payouts
to members could total £5bn. Not all of this money is likely to be cash, however. Some will be paid
as shares or as an increase to the value of policyholders’ funds.