Standard life share offer Warning

Woodsawyer

I have just received an unexpected (but quite welcome) letter from Capita Asset Services informing me that I may be entitled to shares in standard life plc. In my case the shares are worth approximately £3800. The reason I may be entitled to the shares is the fact that I had a policy with them until 2006 and standard life was demutualised around that time. The form is quite simple to fill in, but by doing so you are agreeing to capita asset services deducting a fee of 15% plus VAT, which in my case would result in a deduction of around £700.

However in the small print there is a paragraph as follows
"if you don't wish to use this service you may choose to claim your entire and direct it through the trustee by contacting standard life shareholder services on the numbers given below"

There is an option to ring a telephone number ((0845) 113 0045) which though it is listed as connecting you to standard life shareholder services, it actually put you straight through to capita asset services. (Sneaky!)

If you tell them on the phone that you do not wish to pay the fees they mark your file accordingly and your claim to shares will be processed for free. How is that for inertia marketing. £700 for doing what they would have been doing anyway in the normal course of events for free.

So if you receive one of these letters look very carefully at section E asset reunification service and cross out the fourth section. I have then written "I do not wish capita asset services to deal with this claim nor do I authorise any deduction of fees or VAT"

This should result in you receiving the full allocation of money without deductions.

I was informed by member of staff that capita asset services is divided into two separate sections. One section is entrusted with the administration of standard life and the other section appears to be set up with a view to profiting from the processing and contacting our previous standard life clients. In answer to my question as to why these charges were being levied the justification was "to cover the cost and the extra efforts involved in in contacting and tracing people." In my case I have been at the same address for the last 20 odd years so it would been a very profitable exercise £700 for posting a letter.

Hope this information may help someone else

mgdavid

An interesting heads-up, thanks.

LittleDutchgirl

I had exactly the same experience. Got put through to Capita, explained I didn't want to use their services, got asked why, told them I thought the charges were exorbitant and hey presto they do it for free!

H123321

I phoned the number and are now being told that they will process it for free if they provide shares. If we want the cash for the shares then we have to pay the 15%. Is that the same situation, did you only get shares and not cash?

Woodsawyer

Yes I have opted for the shares only at the moment.

Chickereeeee

does an investment in SL with profits pension fund, held with SL, count?

The people on the Capita line did not know.

thanks

tony4147

Chickereeeee wrote: »

does an investment in SL with profits pension fund, held with SL, count?

The people on the Capita line did not know.

thanks

I have a with profits pension fund with SL, when they demutulised several years ago I was not given any shares. Instead they made a payment into my with profits fund.

Chickereeeee

I don't remember them doing anything like that for me...

Coveredinbees!!!!

I got shares when they went on the stock exchange, no idea why but they are doing quiet well.

Benji1979

What is the best option if you don't sell your shares can you get certificate and sell them online without being charged an absurd fee? It seems very dodgy how they can list a standard life number and it takes you through to the capita section. I kept getting told just fill the form in.

Anyone had any further talks with capita and how to avoid 15 % charge.

xylophone

http://www.money.co.uk/share-dealing/certificated-share-dealing.htm

may be worth a look.