Three previously mutually owned organisations – Friends Provident, Scottish Provident, and Scottish Life – have announced that, subject to members’ approval, they are to lose their mutual status. Should all three de-mutualisations go ahead, figures in the media suggest that the resulting payouts to members could total £5bn. Not all of this money is likely to be cash, however. Some will be paid as shares or as an increase to the value of policyholders’ funds.
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