Standard Life converted from policyholder ownership to a stock company – a process called demutualisation – on 10 July 2006. Eligible Members are entitled to receive shares in Standard Life plc, as a consequence of this demutualisation.

Generally speaking, you qualify as an Eligible Member if, at the time of the demutualisation – 10 July 2006 –  you were a policyholder on or before 30 March 2004; and the policy was continuously invested, with profits, with Standard Life from 30 March 2004 up to 31 May 2006.

Some 300,000 of the 2.4 million policyholders entitled to receive shares arising from demutualisation failed to claim their windfall, worth £291m.

These 112m unclaimed Standard Life plc shares – equivalent to 4.8% of the company’s total shareholding – have been placed in a trust, and may be claimed up to ten years from the date of the flotation. Any dividends payable on the shares are also held in the trust, and distributed when customers come forward to claim their shares. Note these shares are in addition to policy benefits, which remain unaffected.

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Halifax Building Society converted from member ownership to a stock company – a process called demutualisation – in June 1997. Qualifying Members were entitled to receive shares in Halifax plc, as a consequence of this demutualisation. To be eligible to make a claim, you must have had a mortgage or savings account continuously between 24th November 1994 and June 1997.

After demutualisation in 1997, savers or mortgage holders had three years to claim their shares. The shares were sold in 2001 for £8.34. Some 75,000 former members had until August 2010 to claim their share of the proceeds of sale – £158m cash – which is paid without interest, but does include associated dividends and other related payments.

While those qualifying members who did not claim their shares before 2001 can no longer receive shares, they can still claim the proceeds from the sale of those shares, along with associated dividends and related payments.

If you believe you are entitled, contact Shareholder Solutions, a trading name of Computershare Investor Services plc. You will be issued an Eligibility Form so that your claim can be validated.

Note: In 2001 HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland. The HBOS Group Reorganisation Act 2006 resulted in the transfer of Halifax plc to the Bank of Scotland. The group became part of Lloyds Banking Group following a takeover by Lloyds TSB on 19 January 2009. Lloyds TSB was subsequently renamed Lloyds Bank on 23 September 2013. For additional information go to: www.lloydsbankinggroup.com.

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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:

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To determine if a family member who died without a will may have had a life insurance policy that has gone unclaimed, it is often helpful to go through old bank statements and canceled checks to see if any insurance premiums were paid. You might also contact those who assisted with legal and accounting matters, and even speak with past employers about group policy benefits that may be available.

Many local mutuals and friendly societies issued low-premium savings products as a form of life insurance. For assistance with these contact:

The Association of Friendly Societies
PO Box 21, Altrincham, Cheshire WA14 4PD
Tel: 0161-952 5051 / Fax: 0161-929 5163
www.afs.org.uk

Another source for locating closed societies and mutuals is Mutual Societies Registration, an old Register of Friendly Societies that became the Financial Services Authority. Contact them at: 020 7066 4916

In the event you know the insurance company with which a decedent had a policy, contact the insurer directly. A complete Association of British Insurers member list – with details including current address and telephone number – is available online at: https://www.abi.org.uk/About/ABI-members.

Policy Detective offers an online search to determine what became of an insurer, and provides contact information for the institution or its successor, as well as a sample letter of enquiry for unclaimed policies.

If you are trying to find out if a relative or friend has a life insurance policy, but you do not have the policy document and do not know the name of the insurance company that issued it, check bank account and credit card statements for payments to insurers. The ABI and the Unclaimed Assets Register may be able to provide additional assistance.

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