Standard Life have said that thousands of children may miss out on windfall payments relating to stakeholder pensions, because their parents or grandparents who took the policies out on their behalf, have forgotten to validate their votes ahead of demutualisation. The provider has said that 6,400 children are to receive around 1.34 million shares, totalling £3.6 million, based on the estimated valuation of £2.65 a share. The average allocation to children is 211 shares worth £559, and the biggest allocation is 579 shares worth £1,534. The youngest eligible member to benefit is a two year old!
Our view
"Ruthless people", we think is the phrase. Children should not be penalised on what is rightfully theirs just because others have failed to act for them.