The second distribution payments have now been posted to qualifying members as at 27th April 2009. If you have not yet received your payment please be patient as for security reasons some payments may have been delayed. However if you have received nothing by the 14th May 2009 please leave a message on the PMI Member Helpline on 0845 618 5070. Please do not call before that date as messages of non-receipt received before that date will not be followed up. Please ensure that you have your PMI member reference number - most likely starting with a V or a Z, your name and a contact telephone number. We will then start an investigation on the missing payment and will ensure that a payment is with you shortly or write or call you as appropriate.

Please note that if you received two or more payments in your name from the first distribution, at the same or different addresses, that these may have been amalgamated into one, in accordance with the approved membership criteria.

If you have received two or more payments in this distribution, and most probably in the previous distribution, in your name at either the same or at a different address then please inform us at the above Helpline number or write to The Company Secretary, Pharmacy Mutual Insurance Company. Limited, Mallinson House, 38-42 St Peter’s Street, St Albans, Herts, AL1 3NP. In accordance with the conditions of the approved distribution programme, only one payment maybe received by any one member. However a member may also be a joint member - husband and wife, or with another person or persons - or in a partnership or a bone fide limited liability partnership, company or trust, with a separate membership status. The use of a trading name does not constitute a separate membership.

The total amount being distributed in this second distribution of 27th April 2009 is £7m and the apportionment formula is the same as the first distribution in April 2008 and as approved by Members in November 2007.

It was previously indicated that it was hoped that all the outstanding assets, liabilities, and other obligations would have crystallised by now and, accordingly, this second distribution would be the last prior to the Company being wound up. However, circumstances dictate that there will now need to be a further, and hopefully final, distribution. The reason for this is that it is possible that the Company may receive two significant sums in the near future to which Members will be entitled. One of these may arise following the resolution of a dispute with NFU Mutual, a previous re-insurer. In addition, the Company’s final tax computations are in the process of being agreed and it is hoped that this may result in a further payment to the Company. In both cases, the Directors are working closely with the Company’s legal and tax advisors.

It is not certain that either of these matters will result in any payment to the Company and no quantum can be assessed at the moment, however it is anticipated that they will be resolved relatively quickly. As soon as they are, and a final distribution has been made, the Company will move towards a Members’ Voluntary Liquidation, as previously advised.

Following the Sale of the Renewal Rights to NPA Insurance Ltd approved by Members in December 2007 the initial distribution of the reserves of the Company to Members was made in April. As advised to Members in the original sale documentation a further distribution will be made to Qualifying Members following the transfer of the ongoing business under existing policies to NPA Insurance Ltd.

This transfer (under Part VII of the Financial Services and Markets Act 2000) requires court approval and the first stage of this process has been completed. Formal notification letters were sent to all PMI policyholders on 8th October and the additional legal documentation can be viewed using the links on the side of this page. If there are any queries please call our help line on 0845 618 5070.

When this process is complete we will be able to make the second distribution to Members and this is expected in early 2009. It is important that Members keep the Company advised of any change in personal details eg change of address to keep the membership records up to date. Members should write to the Company Secretary at the address below with any changes quoting their membership reference.









The Pharmacy Mutual Insurance Company Limited is authorised and regulated by the Financial Services Authority and is entered into their register www.fsa.gov.uk/register firm number 202791 Mallinson House, 38-42 St Peter's Street, St Albans, Herts, AL1 3NP.