Friends Provident, Scottish Provident and Scottish Life all announced details of their conversion schemes last week. Members who have with-profits investments will receive extra allocations, depending on the size of their investments and how long they have held them. Members will also be given a chance to buy extra shares at a discount. Policyholders must validate their membership in order to receive payments - though 25 per cent have not done so.
Members can also validate their claim on shares by voting on the demutualisation proposal.
Friends started posting voting forms last week and the deadline for receipt of votes is Monday 4 June. The final vote will be at an extraordinary meeting on 6 June. The insurer hopes to protect the entitlements of members whose policies mature before the EGM by asking members to vote on a rule change allowing this. Members who do not want to keep their shares can opt to sell them immediately after the flotation. Policyholders should receive cheques or shares by mid July.