13th October 2014
Standard Life is launching another major exercise to reunite people with £113 million* of assets that have still to be claimed following the demutualisation of The Standard Life Assurance Company in 2006.
Standard Life has asked its registrars, Capita Asset Services, to run another tracing programme to attempt to contact anyone who hasn’t yet claimed.
When Standard Life demutualised in 2006 it had around 2.4 million policyholders with an entitlement to cash or shares and 280,000 of these people failed to claim what they were due. Since then, Standard Life has worked to reunite those still to claim with their assets, reducing the figure to 73,000 people who have still to make a claim.
Commenting, Paul McKenna, Associate Group Company Secretary, says: “To date we’ve reunited over 200,000 people all around the world with these unclaimed assets. We ran a very successful campaign in 2009 and we are hopeful that our latest effort will have equally positive results. The average amount those who still have unclaimed assets are likely to be entitled to is over £3,000** in total and we estimate the largest claim to be over £120,000***, depending on share price. These entitlements are held in an Unclaimed Assets Trust which is closing on 9 July 2016, which is why we are making this concerted push well ahead of time running out.”
All those eligible should receive a letter from Capita outlining how to make a claim within the next few months.
*Based on a share price of £4.00 per share and cash held in UAT trust as at September 2014
** Based on 641 average share entitlement in 2006, plus 32 bonus shares, a share price of £4 at September and dividend entitlement of £745.30
***Based on 23,718 shares, a share price of £4.00 at September and dividends of £25,300
An administration fee of 15% plus Value Added Tax (VAT) will be payable from any cash dividend entitlement if Capita Asset Services handle the claim on your behalf. Claimants can also contact Standard Life Shareholder Services direct on 0845 113 0045 (8.30am to 5.30pm, Monday to Friday).