Scottish Widows Demutualisation Payouts: Ј70 million still unclaimed!

A question about : Scottish Widows Demutualisation Payouts: Ј70 million still unclaimed!

What's it about?

Updated 19 January 2010:

Scottish Widows was demutualised in March 2000, when it was bought by Lloyds TSB, which meant qualifying policyholders were entitled to compensation in return for giving up their membership rights.

However, 24,000 (was 33,900 in Sept 2009) policyholders have yet to claim their money. Almost Ј50 million (was Ј70 million) hasn't been divvied out yet; an average of Ј2,081 per person, and the maximum unclaimed payout is a whopping Ј84,730.65 (the previous highest amount has been claimed, it was Ј102,645.58).

Policyholders who think they may be owed cash have until 3 March 2010 to claim; after this date the money will be added to the bank's With Profits Fund.

Did you have a Scottish Widows policy in 2000?

If so you could be entitled to some dosh.

It's possible you may have recieved a trace form (check anything you thought looked like a circular!). If so, simply fill it out and return it in the pre-paid envelope to Scottish Widows Bank (FAO – Demutualisation team).

If you haven't been sent a claim form, you can still get money if you are owed it; instead fill in the information form on the Scottish Widows website, or call them on 0845 845 0829 (press option 1).

Update 1 October 2009:

Scottish Widows have given us some more details on who is eligible for a payout:

With Profits life and pension policies qualify for the Variable Compensation payment (ie the big amounts)

Non with profits andpension policies qualify for the Fixed Compensation payment of Ј500 (now plus interest)

PEPs, ISAs, unit trusts, bank accounts and credit cards do not confer membership rights, nor does the International Investment Bonds and Private Portfolio Bond products issued by Scottish Widows International Ltd. (ie you don't get anything.)

How long will it take?

Scottish Widows will continue to work through unprocessed claims received by 3 March 2010 and those that are eligible will be paid. This is likely to be completed by the end of June.

Update 11 February 2010:

A note from Scottish Widows:

Please do not to contact us again if you have called or submitted a form within the last 12 weeks. We are dealing with these as quickly as possible, but any duplication will just create a backlog and make things longer to get a response to customers. While the deadline is around 3 March we will continue to be working through the applications we’ve received up to that point.

Don't miss another deal! Get MoneySavingExpert's Weekly Email
It's full of new guides, tips, & loopholes; free & spam free
Privacy Policy

View Past Emails
FAQs

Best answers:

• I received last week the nice and unexpected sum of Ј1740.28, and couldn't have come at a better time.
  HH
• I've got an old pension with these which I stopped paying into in 98. Been trying to find if I would be eligible without much success. Anyone able to help?
• Me & my husband both had endowments with Scottish Widows from 1999 - 2002. We cashed these in when we moved and went to a normal repayment mortgage.
  Firstly does anybody know whether these would be eligible and if so I am not sure if we would have the policy details for these now so I need to know if there is any way I can find this number.
  Thanks for any help
• Fingers crossed time for me, thank you for the note Martin and team.
  Had an endowment back then, trying to find out if it is eligible, just need them to answer the phone (15 mins and counting) but I guess they are being inundated at the moment!
  To Karenann - try calling the number, give them as many details as you can and they should be able to help.
• likewise had a pension I moved into a company pension in 2004. I was a holder then, so I guess maybe im eligible. Form submitted
• I inherited my Mums scottish Widows savings will i be entitled to refund?
• Just looked through my Scottish Widows file.
  You could be eligible for a payment if the pension policy was in force as at 22 June 1999 (the day before the transfer to Lloyds was announced).
  I think this would be the case even if you were not paying into the pension, so long as it was still with Scottish Widows - not cashed out or transferred to another company.
  Fill in the information form and they should be able to tell you if you are eligible or not. Good luck.
• I had a pension from mid 90's to this date but for the life of me I cant remember if I have already claimed! I have sent the form anyway and Im sure they will let me know.
• I have a With Profits saving plan with them and i think started it in either Feb 1999 or 2000.
  I'm sure i had a letter from them saying i wasn't eligible for some reason but i'll check it out again i think.
• How about pensions - does anyone know if they qualify?
• I assume as i still have have the same policy with scottish widows running since 1998, they have my address and i would have already had a payout in the past if i had been entitled to one.
• How is a 'qualifying member' defined?
• Hi just logged on and saw this regards claiming yet more money i phoned the number given 08458450829 spoke to adviser and was told had to fill in form that is given on site i have printed first 2 pages for my own reference and proof if needed
  I took this endownment out in 1993 with my husband who is named as first on policy so its his name that as gone on form thought it would save confusion if there are 2 of you on policy here's hoping for some more DOSH
  Aready claimed from Nat West Ј1,905 18mths ago Also trying with ppi claim but only got as far 1st letter got reply then had to put on hold due to home circumstances and health now i'm gonna carry on with it again
• If you put a claim in using their online form, click the "Important Notes - Data Protection Notice" drop-down bit (bottom right-hand side) and check the box to stop you from receiving spam.
• Had an endowment policy running from 1994 to this year when i surrended it due to being out of work. Wonder if i qualify.
• can anyone remember if, when we had the payout originally, that it could be transfered to a VIP Premier Account - i have one but cant remember if that is why i opened it way back when.
  thanks