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  • FIRST POST
    • MSE Guy
    • By MSE Guy 28th Mar 11, 12:25 PM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: Equitable Life to hand back millions
    • #1
    • 28th Mar 11, 12:25 PM
    MSE News: Equitable Life to hand back millions 28th Mar 11 at 12:25 PM
    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 ..."

Page 1
    • BlondeHeadOn
    • By BlondeHeadOn 29th Mar 11, 2:10 PM
    • 2,215 Posts
    • 2,970 Thanks
    BlondeHeadOn
    • #2
    • 29th Mar 11, 2:10 PM
    • #2
    • 29th Mar 11, 2:10 PM
    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
    • #3
    • 29th Mar 11, 3:29 PM
    When 12 1/2% mean 7 1/2%
    • #3
    • 29th Mar 11, 3:29 PM
    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
    • By BlondeHeadOn 29th Mar 11, 5:36 PM
    • 2,215 Posts
    • 2,970 Thanks
    BlondeHeadOn
    • #4
    • 29th Mar 11, 5:36 PM
    • #4
    • 29th Mar 11, 5:36 PM
    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
    Originally posted by 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
    • #5
    • 31st Jan 12, 11:01 AM
    To leave or not to leave?
    • #5
    • 31st Jan 12, 11:01 AM
    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
    • By BlondeHeadOn 1st Feb 12, 8:56 AM
    • 2,215 Posts
    • 2,970 Thanks
    BlondeHeadOn
    • #6
    • 1st Feb 12, 8:56 AM
    • #6
    • 1st Feb 12, 8:56 AM
    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
    Originally posted by marydeaville
    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
    • By Milarky 1st Feb 12, 11:23 AM
    • 6,291 Posts
    • 2,209 Thanks
    Milarky
    • #7
    • 1st Feb 12, 11:23 AM
    • #7
    • 1st Feb 12, 11:23 AM
    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.
    .....under construction....
    • bilbo
    • By bilbo 3rd Feb 12, 12:03 PM
    • 444 Posts
    • 38 Thanks
    bilbo
    • #8
    • 3rd Feb 12, 12:03 PM
    • #8
    • 3rd Feb 12, 12:03 PM
    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
    • By stevedresden 3rd Feb 12, 3:07 PM
    • 34 Posts
    • 1 Thanks
    stevedresden
    • #9
    • 3rd Feb 12, 3:07 PM
    • #9
    • 3rd Feb 12, 3:07 PM
    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
    • By neilsedaka 3rd Feb 12, 11:58 PM
    • 346 Posts
    • 102 Thanks
    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
    • noh
    • By noh 6th Feb 12, 8:25 PM
    • 5,319 Posts
    • 3,619 Thanks
    noh
    No I don't believe it is in age order.
    I received a cheque a couple of weeks ago. I'm 56. It was compensation in respect of a with profits pension plan.

    More info here:-
    http://equitablelifepaymentscheme.independent.gov.uk/faq/question71.htm
    Last edited by noh; 06-02-2012 at 8:33 PM.
    • Thrugelmir
    • By Thrugelmir 6th Feb 12, 9:20 PM
    • 63,703 Posts
    • 56,407 Thanks
    Thrugelmir
    I received a cheque a couple of weeks ago. I'm 56. It was compensation in respect of a with profits pension plan.
    Originally posted by noh
    Out of curiosity. Was the compensation you received worth the wait?
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
  • wendylit
    Thanks noh - that was very helpful and I have printed it out to pass to him. He had a with profits annuity, so guess we'll wait and see.
    • skid112
    • By skid112 7th Feb 12, 8:28 AM
    • 321 Posts
    • 255 Thanks
    skid112
    have just recieved my compensation, off to the chip shop, then to get a tube of smarties
    • noh
    • By noh 7th Feb 12, 9:07 AM
    • 5,319 Posts
    • 3,619 Thanks
    noh
    Out of curiosity. Was the compensation you received worth the wait?
    Originally posted by Thrugelmir
    I wasn't waiting for it.
    It came as a pleasant surprise.
    I moved the funds from Equitable some 8 years ago. I didn't really consider I had lost out to any great extent from having the Equitable with Profits pension.
    An unexpected cheque for £2300 odd came in useful.
    • talexuser
    • By talexuser 7th Feb 12, 10:59 AM
    • 2,728 Posts
    • 2,139 Thanks
    talexuser
    Am I being incredibly cynical in thinking that the compensation was tardy in coming under labour administration perhaps because they thought not many of their supporters would be with Equitable, and that it appears relatively quickly during a mainly tory administration where perhaps they might think a lot of their supporters might have had a policy? (with apologies for the vast generalisations). Does it really take that many years to sort out?
    • Marie Williams
    • By Marie Williams 8th Mar 12, 7:50 AM
    • 85 Posts
    • 10 Thanks
    Marie Williams
    Entitlement
    Can anyone tell me if I will be entitled to compensation both my brother and I had money with them. He died in 2010. I had a "With Profits Bond". I drew it out on its 10 year anniversary as I was allowed to do this. It was the same year things went wrong. Is it just pensions or other savings as well? I did not get back what was projected but got my initial investment plus a bit more. My brother's was a pension.
    • atush
    • By atush 8th Mar 12, 8:40 AM
    • 17,718 Posts
    • 11,243 Thanks
    atush
    Am I being incredibly cynical in thinking that the compensation was tardy in coming under labour administration perhaps because they thought not many of their supporters would be with Equitable, and that it appears relatively quickly during a mainly tory administration where perhaps they might think a lot of their supporters might have had a policy? (with apologies for the vast generalisations). Does it really take that many years to sort out?
    Originally posted by talexuser
    Yes, as parts of it went thru courts.

    And I fail to see how or why a change of govt would affect the speed of them sending out comp
    • Onawingandaprayer
    • By Onawingandaprayer 8th Mar 12, 9:38 AM
    • 595 Posts
    • 471 Thanks
    Onawingandaprayer
    Received my small wedge last week. Rather a surprise as I'd transferred my small Equitable fund to AXA yonks ago, when the S%&" started hitting the F&%! Therefore thought the compo didn't apply to me.

    They estimated I had lost about £2,100 in the deal and gave me a cheque for 22% of that, about £470. Better than a poke in the eye.

    interesting that they'd tracked me down, as I'd moved four times since I had an Equitable plan.
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