Not all policyholders will qualify for payouts

Standard Life has 100,000 Irish policyholders, just about 4 per cent of its total number of policyholders. Only 65,000 of the Irish policyholders would qualify for payouts on demutualisation - they need to hold a particular type of policy called a with-profits policy to qualify.

But according to the life assurer, about 40,000 of this 65,000 will only get the minimum payout. This is because they hold small policies - premium payments of about £20 to £25 per month - taken out over the last two years.

Scottish Provident, where an ongoing review of its current structure could lead to a vote on demutualisation, has 120,000 Irish policyholders. About 75,000 would qualify to vote on any demutualisation and would qualify for payouts.

But about half of the 75,000 policyholders would only get minimum payments because they hold with-profit policies taken out over the last three years.

At Equitable Life there are about 30,000 to 35,000 Irish policyholders. About 20,000 hold with-profit policies and only about 1,000 would get the minimum payment on demutualisation.