LV members could wait a YEAR for £100 payout if sale goes ahead


LV members could wait a YEAR for £100 payout if sale goes ahead, documents show

  • The 1.2million customers have been offered the ‘paltry’ sum by Bain Capital 
  • Even if they vote for deal, they will not get £100 until next October at the earliest
  • The delayed date of the payment is buried deep in a 53-page document 










LV members will have to wait almost a year to get the £100 they have been promised if the mutual insurer’s controversial sale goes ahead.

The 1.2million customers who own LV have been offered the ‘paltry’ sum by private equity company Bain Capital to persuade them to sell the firm.

But even if they vote for the deal, they will not get the £100 until next October at the earliest. 

LV members will have to wait almost a year to get the £100 they have been promised if the mutual insurer’s controversial sale goes ahead

LV members will have to wait almost a year to get the £100 they have been promised if the mutual insurer’s controversial sale goes ahead

The delayed date of the payment – branded a ‘bribe’ by members – is buried deep in a 53-page document customers were sent last month. 

They have until Friday to vote on the deal.

Members are worried Bain will raise policy prices and cut jobs before selling the firm on again. The Daily Mail has been campaigning against the takeover.

But LV bosses insist the deal offers ‘both an excellent financial outcome for members and gives unrivalled support for the LV brand, our people and UK-based locations’.

One LV member, retired lecturer Clarissa Johnson, said: ‘I don’t think a lot of people will have seen that the payment won’t come until next year. 

‘I feel for LV to not put that out prominently is another example of members not being kept fully in the loop. It certainly hasn’t been widely broadcast.

‘Things you might really want to know about the proposed deal are buried. I don’t think LV has been treating members as well as it should be. 

‘I’m very concerned that people might think it’s a windfall for Christmas, and they will be sorely disappointed.’

Gareth Thomas, a Labour MP who chairs the all-party Parliamentary group on mutuals, said: ‘LV members could be forgiven for thinking that they will get a big bonus before Christmas, after listening to Bain and the LV bosses.

‘But in actual fact, if they get the money at all, it won’t be for a very long time. This is yet another reason why no genuinely independent expert has recommended this deal.’

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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