Windfall fever has broken out again. Between staff in various semi-State enterprises looking to follow Telecom's lead in obtaining a free stake in these companies should they privatise and mutuals looking to shed their status and take their chances on the stock exchange, there is plenty of excitement out there.

This week saw two announcements, one a surprise and the other the worst kept secret of recent times among mutual societies. The latter was the decision by Canada Life to declare its intention to go public, triggering windfall payments in the region of £2,000 for qualifying members - those who held with-profits policies on or before April 2nd last year. The tidal wave of interest in Canada Life by carpetbaggers last year forced the company to raise policy entry levels to the realm of the ridiculous as it devoutly asserted it had no interest in public life.

Not everyone is happy, of course. A large number of people who hold different policies with the mutual will not benefit from the flotation if it goes ahead.

More surprising was the announcement by the AA that it is considering a sell-off, following in the demutualised footsteps of its breakdown rival RAC.

Members need not hold their breath for any pay-off. If the process goes ahead, the windfall is likely to be in the order only of £150 to £200 and even that will only go the full personal members. Associate members and fleet members will lose out.