Scot Prov urges members to vote for demutualisation
Scottish Provident is urging its members and policyholders to vote in favour of demutualisation so it can transfer all its business to the Abbey National Group.
The provider has sent information packs and voting forms to its 440,000 members and remaining policyholders in a bid to sway their votes. A total of 75% of votes are needed in order for the proposal to go ahead.
Benefits of demutualisation outlined in the pack include pay outs of £500 for all qualifying members, loyalty bonuses of £5,000 for Scottish Provident employees and unchanged policy terms for policyholders.
David Woods, group managing director of Scottish Provident, said: 'The board of Scottish Provident believes the proposal to demutualise and transfer the business to the Abbey National Group represents the best value for our members and the promise of a bright future for all policyholders. Furthermore, this recommendation offers continuing opportunities for the development of our business and for our people. Every vote is important and we encourage all members to vote in favour of the board's recommendation.'
Members can vote in person or by proxy at the two extraordinary general meetings (EGMs) being held at Edinburgh International Conference Centre on 14 and 29 June. According to Scottish Provident, it is expected that the proposal will take effect in July 2001.
For more information, call 0845 270 0888.
