Windfall from Building Society Demutualisation
Staring with Abbey National in 1989, a growing number of building societies and insurers have demutualised; issuing windfall payments to qualifying members and listing shares on the stock exchange.
Rules governing former building societies stipulate unclaimed shares may be sold three years after flotation, howevercustomers who can prove entitlement to windfall shares have an additional nine years to initiate a claim.
While the deadline has passed for Abbey National, qualifying customers may still claim cash windfalls from a number of other demutualisations, including Alliance & Leicester, Bradford & Bingley, Friends Provident, Halifax, Northern Rock, Norwich Union and Woolwich and Standard Life.
Qualifying customers should contact the following companies to ensure they have collected their entitlements:
Company | Converted | Entitlement | Contact |
|---|---|---|---|
| Alliance & Leicester | February 1997 | 250 shares | www.alliance-leicester-group.co.uk |
| Bradford & Bingley | December 2000 | 250 shares | www.bbg.co.uk |
| Friends Provident | July 2001 | Minimum 200 shares | www.friendsprovident.co.uk |
| Halifax | June 1997 | Minimum 200 shares | www.hbosplc.com |
| Northern Rock | October 1997 | 500 shares | www.northernrock.co.uk |
| Norwich Union | June 1997 | Minimum 150 shares | www.aviva.com |
| Woolwich | June 1997 | Minimum 450 shares | 0870 429 2432 |
Lost and Unclaimed Life Insurance Policies | |
|---|---|
| Association of British Insurers 51 Gresham Street London EC2V 7HQ Tel: 020 7600 3333 Fax: 020 7696 8999 http://www.abi.org.uk | Trace an Unclaimed Life Insurance Policy |