Backing the switch would land policyholders some cash

Retired lecturer David Stonebanks plans to force the firm to become a public company, entitling himself and other policy holders to a windfall payment.

Attempts to get a stock-market listing stretch back to 2000 as bonus payments on pensions, life insurance and other policies declined.

The company has fought all such moves.

Signing up

Mr Stonebanks has collected 1,487 signatures from Standard Life policyholders who want to call a special general meeting at which to discuss the company's status, according to a report by PA News.

He said he plans to gather the support of about 2,000 people, twice the number required to force a vote, before submitting his request for a meeting.

Standard Life currently is owned by policy holders, entitling them to bonus payments. As a public company, it would be owned by shareholders, who would get dividends instead.

Payment

Mr Stonebanks, from Stevenage in Hertfordshire, has estimated that Standard Life policyholders would receive a one-off payment of between �2,400 and �3,000 should they approve the decision to list on the stock market.

As well as the signatures, Mr Stonebanks' plan will have to get at least 75% of the votes cast at the meeting.

His previous attempt to force a vote was thrown about because the resolutions were not legally valid.