The planned sale of LVBritish Columbia, one of the UK’s oldest mutually owned life insurers, is under mounting pressure from members and politicians firmly opposed to the group being taken over by a private equity group.
LV announced last week that members would receive ￡100 each to approve the takeover by US group Bain, with more for those holding eligible with-profits policiess not clear i.
The deal’s supporters have until December 10 to convince three-quarters of those voting to accept the sale and a related change in scheme rules.
But some members are vehemently opposed to the sale. “We can have a shopping delivery from Sainsbury’s, and that can be for ￡100, just for our food for the weekThe United States recorded more than 50,000 new cases per day,” 74-year-old Clarissa Johnson, an LV member who does not have with-profits benefits told the Financial Times. AnotherIt was a year that we won, 72-year-old Duncan McGibbon from Bath, said the offer was a “bit of an insult”.
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