Don’t miss out on money that’s yours

News & Insights

Julie Hutchison

17th October 2014 at 11:10am

It’s staggering how much unclaimed money there is out there.

Looking at the National Lottery website, it lists all prizes where no-one has yet come forward. If lottery winnings are not claimed within 180 days of the draw date, they go to National Lottery Projects.

It seems people frequently lose track of money in other ways too. There are billions of pounds of unclaimed assets in the UK – forgotten pensions, bank accounts and other investments. There’s a staggering £3 bn of unclaimed pension money alone. If you think you’ve lost track of one of your pensions, you can use the government’s Pension Tracing Service to help reunite you with your pension savings.  And there’s more information about how to trace bank accounts here.

Have you claimed your Standard Life shares?

The same is true, when it comes to 73,000 Standard Life shareholders who have not yet claimed their shares in Standard Life plc.

The average claim is likely to be worth around £3,000 *, and we estimate the largest claim to be over £120,000, depending on share price! **

How you qualify for shares

In 2006, when Standard Life became a plc, around 2.4 million customers were entitled to shares. Well over 90% have now claimed their shares. The remaining 3% of those customers who haven’t now have until 9 July 2016 to make their claim.

Anyone who held a with-profits policy with the Standard Life Assurance Company which started before March 2004, and which was in force in October 2005, may be eligible.  There’s a staggering £3 bn of unclaimed pension money alone.There’s a fixed allocation of 185 shares, plus some variable shares linked to the size of your with profits investments and how long you’ve held these investments. Any share entitlement also includes bonus shares – one share for every 20 still held on 10 July 2007. And there’s dividend payments to add in too. All in all, well worth claiming.

These entitlements are being held in an Unclaimed Assets Trust, which closes on 9 July 2016. That’s why we’re making a concerted push with the help of Capita Asset Services well ahead of time running out, to try to encourage shareholders to make their claim before it’s too late.

Those who are entitled to make a claim should be hearing from Capita in the next few months with full information on what to do next and an outline of the choices they have.

Register for online services

Moving house is a busy time, but don’t let that be the trigger for losing touch with your money. If you move house, let Standard Life know that you’ve changed your address. You can update your address details online if you’ve registered to use online services with us. Just go to www.standardlife.co.uk and select “register now” to get started.

This blog and any responses to comments are not financial advice.

*Based on 23,718 shares, a share price of £4.00 at September and dividends of £25,300

** 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

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