Scottish Widows Demutualisation Payout

Jimjam71

I received a letter from Scottish Widows via the DWP (Dept of Work and Pensions) in June 2009 advising me that I may be due for compensation a minimum of £500.

I checked our loft and found I did hold a Level Term Life Assurance Policy from July '97 to Aug '01.

I sent them information of the policy number 8 weeks ago and I'm still waiting to hear back.

Has anyone been sent a similar letter, and if so how long did the payout take?

Any help would be appreciated!

chou-chou

Hi Jimjam.

I received one of these as well - have been told by SW that it should take up to 12 weeks for them to respond so I should be hearing soon hopefully.

No idea of the payout though - does anyone have any idea what the amount of compensation is based on? You can just call them on the number on the original letter and they can track your case.

dunstonh

does anyone have any idea what the amount of compensation is based on?

Its not compensation. Its a demutualisation payment.

If you still have a Scottish Widows policy then you should check your address is current with them. If it had been correct years ago then it wouldnt have taken this long to find you. So, chances are its still not correct. Its best not to assume that the people dealing with the demutualisation payment will notify the policy servicing team and give them the right address.

vixen64

We have a Scottish Widows Low Cost endowment mortgage, would this qualify for the demutualisation claim? We have not received any notifications from them.

dunstonh

if its in the with profits fund yes. If its in unit linked funds then no. It has to be a Scottish Widows original plan as well. Not a rebadged one from another company.

Nervous_Jock

dunstonh wrote: »

if its in the with profits fund yes. If its in unit linked funds then no.

This is not correct. If its a unitlinked policy you MAY be entitled to £500 compensation

dunstonh

Sorry, I should have clarified what I meant by unit linked. Here is the list.

With Profits life and pension policies qualify for the Variable Compensation payment while non WP life and pension policies qualify for the Fixed Compensation payment of £500 (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.