Scottish Widows vote for pounds 5,600 Lloyds windfall
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Thursday 23 December 1999
Some 900,000 members who have with-profits life policies or pensions with the firm stand to get an average of pounds 5,600. The headline figure masks wide variations, because bigger bonuses go to people who have invested more, or been with the company longer. A handful of pay-outs are likely to top pounds 100,000. The remaining 700,000 members with unit-linked policies will each get a flat windfall of pounds 500. There will be no pay-out to those who just have Widows' credit cards, PEPs or bank accounts.
Around 400 people attended Widows' special general meeting in Edinburgh yesterday, and there was some criticism that the pay-out system handed out too much to the top few.
But Mike Ross, Scottish Widows chief executive and now deputy chief executive at Lloyds TSB, said an additional pounds 1.3bn reserve would gradually be distributed in the form of terminal bonuses. "Those who have not been with us very long will get a proportionally better share of that," he said.
Almost 97 per cent of voting members approved the takeover, on a turnout just below 43 per cent. The result brings down the curtain on more than 180 years of mutuality at the life insurer, which was set up to look after widows and orphans created by the Napoleonic wars.
Completion of the pounds 7bn deal is planned for 3 March. Demutualisation is expected to be formally approved in the Scottish courts by February, and members should receive their pay-outs from June.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
Beatles rush out 'bootleg' album to defy EU copyright law
healthJames Bond's alcohol consumption puts him at 'high risk' of cirrhosis, tremors... and impotence
tvSpoiler alert: Find out the result of a heated final show
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
peopleWhat advice would David Cameron give to his younger self?
French café starts charging extra to rude customers
Mystery of Epping Forest 'big cat' is solved
North Korea executes Kim Jong Un's powerful uncle Jang Song Thaek for 'attempting to overthrow the state'
Australia incest case: Deformed children found in remote farming community after generations of inbreeding
Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- 1 French café starts charging extra to rude customers
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Australia incest case: Deformed children found in remote farming community after generations of inbreeding
- 4 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- 5 Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- < Previous
- Next >
iJobs Money & Business
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Pre-Sales / Cl...
£40000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...