MSE News: Equitable Life policyholders face limited compensation

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"The final redress pot could be just one tenth of the sum policyholder action groups estimate members have lost ..."

Read the full story:
Equitable Life policyholders face limited compensation

zygurat789

It's the exclusions which concern me. I can see no compensation being given to deceased policy holders and what about policy holders who have "cut and run"?
May be not. But will policy holders who have made their policies paid up and, on maturity, taken an annuity with another provider be compensated?
If you really wanted to cut the compensation bill only those policy holders who continued with the policy and are still current or who have taken an annuity with the Equitable could be the only ones to be compensated.

Then how will the compensation be treated, it could be added to existing policies but if an annuity has been taken, I understand that an annuity can not be added to after inception and the compensation might be so small as to be useless as an additional annuity.

zygurat789

Isn't this more appropriate on the pensions board?

horsechestnut

I don't know if this is the correct place to post, but, today I received a letter advising me that I am going to receive a cheque for £220. I had AVC's with Equitable Life (this was the insurer that my employer used so I had no say in the matter) which were then transferred to Prudential and of course I lost money in the fiasco, much to my annoyance as I had felt that I had been very prudent saving for my retirement. Anyway, I have now been retired over 7 years and had given up any hope of recompense.
Seemingly I am approximately 1K out of pocket, but I can only receive 22% of the amount as it is Government funded. Still I must be grateful for small mercies as I was told that I wasn't entitled to anything.
So watch out people, you may be lucky yet!!!