Good News for Equitable Life
There is finally some good news for anyone that is still alive and has an Equitable Life policy. The company that came under serious financial and legal pressure some years ago having attempted to reverse its promises, is now planning to provide an additional payment to policyholders. The Equitable has built up some reserves and now intends to distribute these to policyholders, all to be approved at the AGM on 31 May.
There is no news about how much, simply that there will be some payment, which is nothing to do with compensation (for which there was a report in 2008 for it to be “speedy”). The company closed to new business in December 2000, so your policy will be at least 17 years old. Equitable will be writing to policyholders in due course. It would seem likely that this only relates to people with holdings in their “with-profits” fund.