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Article: 335m pound loan notes go to Widows members
- Article from:
- Evening News - Scotland
- Article date:
- April 17, 2001
CopyrightCopyright 2001 Evening News - Scotland. Provided by ProQuest LLC. (Hide copyright information)
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SCOTTISH WIDOWS, the Edinburgh life and pensions giant, has paid
out GBP 335 million in the first round of loan notes to be redeemed
for windfalls arising from its takeover by Lloyds TSB last year.
In total, Scottish Widows had GBP 5.8 billion to distribute in
windfalls to 1.67 million members from the sale. All members
received a fixed windfall of GBP 500 and 955,000 received additional
variable windfalls, averaging GBP 5700, because they held with-
profits policies.
Around 67,000 policyholders expecting larger figures elected to
take their windfalls as loan notes last year to defer capital ...