£120,000 Cash Bonanza Awaiting Missing Customer

Financial life and pensions giant Standard Life is trying to track down expats who have not claimed a share of a multimillion pay out when the firm went public in 2006.

The company has £113 million stashed away and has started a major campaign to find around 280,000 customers who are entitled to the cash.

Hundreds of these customers are thought to be expats who have moved without updating their contact details with the company.

The company also believes they are unaware they have a stake in the cash pile.

Standard Life was a mutual that went public in 2006.

At the time, nearly 2.5 million customers were entitled to cash or shares. Over the years, most have been found and given their cash, but 73,000 are still untraced.

Time running out

Each is owed an average £3,000 by the company – with one lucky person standing to collect a £120,000 windfall.

Time is running out for Standard Life customers wanting to make a claim. The money is held on the Unclaimed Assets Register, but any entitlement runs out on July 9, 2016.

So far, more than 200,000 customers entitled to a share of the money have been traced and paid.

The firm’s Paul McKenna said: “We have tracked down thousands of customers and paid them their unclaimed money. These customers are all over the world and we believe many are expats who have forgotten to notify us of a change of address.

“The amount due is based on the number of shares held by each customer in the new company when we converted from a mutual.

“The largest amount is £120,000 owed to one lucky customer.

How to make a claim

“We are launching this campaign now to give everyone plenty of time to get in touch.”

Standard Life customers with a known address will receive a letter outlining how to make a claim over the next few months.

However, the firm wants expats to check their life and pension policies and get in touch if they date from before 2006 as they may have a claim on the cash pile.

The money due is based on a share price of £4. Customers picked up an average 641 ordinary shares and 32 bonus shares when the firm went public. Since then, the shares have also collected dividend payments of £745.

Anyone who believes they have a claim should contact Standard Life Shareholder Services on 0845 113 0045 (8.30am to 5.30pm, Monday to Friday) or +44 (0) 20 3367 8224.