As many as 80,000 Scottish Widows policyholders have yet to claim windfall cheques averaging £6,000 being paid as a result of the takeover of the life assurer by Lloyds TSB last year.
Scottish Widows began sending out the first batch of payments last month but says it had been unable to track down five per cent of its 1.6 million policyholders.
The Edinburgh-based company has refused to put a figure on how much money is lying unclaimed but the figure could be as high as £480 million.
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