MSE News: Equitable Life to hand back millions

Former_MSE_Guy

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

"The mutual will hand back hundreds of millions of pounds to beleaguered policyholders who've seen their investments dive ..."

Read the full story:
Equitable Life to hand back millions

BlondeHeadOn

Er.... not much discussion that I can see so far!!

Where is everybody......

....

I have a pension with Equitable Life, so I'm interested in this. My policy doesn't mature for another few years though, so presumably this doesn't affect me at all?

(Pauses to watch a piece of tumbleweed blow past....)

Bagger

It looks like Equitable wants to get rid of its customers. It is doing this by uprating their "With Profits" funds by 12 1/2% if they transfer their Pension to another provider. However, they fail to mention that you will get a reduction in your funds of 5% if you transfer your funds elsewhere. Hence, you will probably only get about a 7 1/2% increase. Amazing how few newspapers have picked up on this.

I have a smallish pension with these guys and really don't know what to do. I may eventually move it elsewhere.

Bagger

BlondeHeadOn

Bagger wrote: »

It looks like Equitable wants to get rid of its customers. It is doing this by uprating their "With Profits" funds by 12 1/2% if they transfer their Pension to another provider. However, they fail to mention that you will get a reduction in your funds of 5% if you transfer your funds elsewhere. Hence, you will probably only get about a 7 1/2% increase. Amazing how few newspapers have picked up on this.

I have a smallish pension with these guys and really don't know what to do. I may eventually move it elsewhere.

Bagger

I also have a smallish pension with them, so it's of interest to me too. I really don't know what to do either.

marydeaville

My husband has just received a warrant payment as compensation. It is not as much as he would have liked but it is better than nothing.

Now this seems to be settled he was wondering if it was worth cashing it in an paying it off against the mortgage. or transferring it somewhere else.

Does anyone have any advice on this? He kept it in Equitable life until compensation was sorted so that he did not lose out. Is it the right time to move?

Thanks,

Mary

BlondeHeadOn

marydeaville wrote: »

My husband has just received a warrant payment as compensation. It is not as much as he would have liked but it is better than nothing.

Now this seems to be settled he was wondering if it was worth cashing it in an paying it off against the mortgage. or transferring it somewhere else.

Does anyone have any advice on this? He kept it in Equitable life until compensation was sorted so that he did not lose out. Is it the right time to move?

Thanks,

Mary

Good question! I haven't heard anything about the compensation due yet, but I will be in the same position as you once I get my notification.

It is nice to hear that someone has received some compensation though....

Milarky

I was [pleasantly] surprised to receive a warrant also this morning. I transferred out of Equitable 'early' (in August 2001) and had only opened the plan in 1998. So former policyholders watch out.

bilbo_2

Who do i contact to discuss this can anyone help please ?

Me and my Wife took out the same policy the same day and cashed them in at the same time.

She has got a cheque but I haven't.

I would like to phone them to check on this but have not got a clue who to ring as she thew away her original letter.

stevedresden

The webpage for the compensation scheme is here
http://equitablelifepaymentscheme.independent.gov.uk/

Good on you if you understand any of it mind you...


Which leads me on to my question..

I was in an Equitable Life Group Money Purchase scheme from Jan 1992 to April 1998 (at which point I left the company).

The company ceased trading in April 2001 and the EL pension scheme was transferred to a company called RSM Robson Rhodes who administered its closedown.

When the company handed details over at that point they only provided details for the current employees, so I didn’t receive my “leavers pack” that had a choice of options, so I (unknowingly) accepted the default which was a 17% reduction for “market adjustment purposes”. By the time I contacted THEM it was too late. They said they’d been trying to trace me but I didn’t believe them as I was still in the same house I’d always been in all along.

I transferred my funds to my current employers scheme and lost a further 20% as a penalty.

As none of the companies involved - Equitable Life, my old employer and RSM Robson Rhodes exist any more, I’m not convinced that the people running Equitable Life Payment Scheme will have my details but I’m not even 100% sure I’m entitled to any compensation – does anyone have a better understanding of the situation?

neilsedaka

http://www.equitable.co.uk

wendylit

Glad to hear some cheques are going out. Am I right in thinking they were paying out in age order (deceased estates first then decreasing in age)? My Dad is 73 (just) and hasn't heard anything, but we know they have his contact details. Is anyone who has received a cheque prepared to give their ages out so I can see if he is close to getting something soon? Thanks