Windfall for Standard Life savers

Standard Life is set to shed its mutual status in a move likely to trigger windfall payments of up to £1,770 each for its 2.6 million savers.

But the Edinburgh-based insurance group is also slashing 1,000 jobs, the majority in its head office, as it looks to cut costs and reposition its sprawling life and pension business.

Standard Life signalled this year that it wanted to float on the stock market to raise funds for expansion. Its final plans are at least two years away. Savers are likely to get shares which they can sell when the business floats.