Scottish Provident to demutualise

Scottish Provident members voted overwhelmingly in favour of demutualisation yesterday. This will trigger £1.6 billion sterling (€2.6 billion) in windfall payments. More than 97 per cent of the group's members approved the demutualisation and transfer of business to Abbey National at an extraordinary general meeting in Edinburgh.

All qualifying members will get £500 to compensate them for the loss of membership to a mutual company. The majority are also entitled to an average of £3,400.