Legal and General transfers

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The Independent Online
Legal and General transfers

Sir John Nott, chairman of Hillsdown Holdings and former Defence Secretary, said he had discussed his concerns about transfers from Legal and General's long-term life insurance fund with David Prosser, the insurer's chief executive, by telephone yesterday.

Sir John added that he was awaiting a more detailed explanation of L&G's plans in writing, but that his general concerns remained about shareholders benefiting at the expense of policyholders, as insurers moved to realise the surpluses in their long-term funds. He added that he had been an L&G policyholder since the 1960s and was due to receive his terminal bonus in two years' time.