Standard Life de-mutualisation

No-one will get a payout as such. If demutualisation goes ahead, then the members (who already own the company by virtue of their membership) will get shares. They will continue to own the company, but as shareholders rather than as members of the mutual society. That done, these ex-members will be free to sell their shares if they wish. *That* will be the "payout".

If you don't get a vote it means you are not a member, and hence not a part-owner of the company. So even if the sale goes ahead, you'd get nothing because *you* would not be selling any of it.

That was my understanding until I had read this on the BBC News: "The packs will be sent today to 2.4 million eligible members, as well as an additional 2.1 million policy holders."