Standard Life staff protest march

Workers make their feelings plain during the march

More than 200 Standard Life workers have marched through the centre of Edinburgh to present a petition to the Scottish Parliament opposing demutualisation.

The petition, containing 6,000 signatures, was presented to the Scottish National Party MSP, Margo MacDonald, ahead of the debate called by her on demutualisation on Wednesday afternoon.

The staff said the signatures had been gathered in just four days.

Policy holders are due to vote on 27 June on whether to end the company's mutual status and change to a PLC owned by shareholders.

Margo MacDonald: "Future would be uncertain"

Ms MacDonald said her aim was to highlight the dangers she sees if members vote in faovur of the move, which would bring them windfalls estimated to be worth thousands of pounds.

The issue has been characterised by a bitter battle between the Standard Life board, which has launched a multi-million pound campaign against demutualisation and those in favour of the change.

While the Scottish Parliament has no power over Standard Life decisions, Ms MacDonald said she had a "vested interest" in the matter and did not want to see changes to a successful company.

The Lothians MSP said: "I live in Edinburgh and if there are 7,500 satisfied and secure jobs in Edinburgh provided by Standard Life then obviously I am interested in the future of this company."

Ms MacDonald said demutualisation would lead to uncertainty for a stable employer.

Leading campaign

She told BBC Scotland: "We have seen a restructuring of some of the other companies that have demutualised over the past few years.

"No-one has said there is definitely a threat (to jobs) but no-one has said they're secure either.

"Why mend something that ain't broke."

Fred Woollard, who has been leading the campaign to demutualise, said the change would be good for the insurer and its policyholders.

He said: "Standard Life is a business. It's not the National Trust or Dr Barnado's, it's a business that belongs to its policyholders and we're trying to reconstruct the business in a way that benefits the policyholders."

Fred Woollard: "Reconstruct the business"

A parliamentary "early day" motion at Westminster has supported the company's case for staying mutual.

It was put forward by Andy Love, chairman of the All Party Building Society Group and backed by 50 other MPs.

Although it has no legal status, the motion was welcomed by the company.

Earlier this week, the Plain English Campaign accused Standard Life bosses of putting an unfair slant on the contents of its demutualisation voting form.

It said the insurer had used the ballot papers to promote its own point of view and that the documentation enclosed along with the firms was designed to distract members from the arguments for demutualising the business.