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  • FIRST POST
    • pensionpawn
    • By pensionpawn 12th Apr 19, 10:19 PM
    • 166Posts
    • 120Thanks
    pensionpawn
    Equitable Life with profits pension / takeover.
    • #1
    • 12th Apr 19, 10:19 PM
    Equitable Life with profits pension / takeover. 12th Apr 19 at 10:19 PM
    I thought I would open a thread for everyone who have a pension with them who may wish to share their experience and offer advice while we wait for the resolution of the take over.

    I was within days of commencing a transfer to a Sipp last summer when the news broke and have stayed put watching my fund continue to grow at 3.5% whilst this all sorts itself out.

    I have seen no news since around last October. Does anyone else have anything to add?

    Equitable Life
    Last edited by pensionpawn; 12-04-2019 at 10:24 PM. Reason: Inclusion of link to Equitable Life.
Page 2
    • pafpcg
    • By pafpcg 5th Jun 19, 11:18 AM
    • 338 Posts
    • 311 Thanks
    pafpcg
    I am a with profits guy and Id like to know who is Utmost? Never heard of them - does anybody know their background - how safe are they?
    Originally posted by chazzaboy
    If you're going to trust your pension with them, then doing your own research would be sensible. I'll be waiting until I see what Utmost will be offering (no point researching if we'll be going elsewhere), but feel free to share your findings!

    Also strange to me is that this changeover started with Reliance and seems odd to me that mid process to change - does anybody agree?
    Following the takeover of the Reliance group in April 2018 by the Utmost group, there's been a name change ("rebranding") - the agreement between Equitable Life and Reliance came AFTER the takeover by Utmost. The outfit seems to have grown through takeovers and mergers over the past half-century - the takeover of Equitable Life is just another.

    Equitable appear to be a bigger player than Utmost so why not go with one of the big boys LV/Aviva etc?
    Because Reliance/Utmost offered the best deal? My *speculation* is that the board of Equitable Life stipulated that the continued employment of the staff was a condition of the takeover. A large company such as Aviva or Allianz would probably expect to see profitability gains by taking over the Equitable's business but running it using their existing staff, so might not be interested.
    • BlondeHeadOn
    • By BlondeHeadOn 12th Jun 19, 10:27 AM
    • 2,214 Posts
    • 2,969 Thanks
    BlondeHeadOn
    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.

    I'm thinking that I would prefer to defer for just 1 year, then take my 'uplifted' pension, but I'm not sure if this is possible. I also don't know if I could defer again for another year if that looks like a better option next August.

    Does anyone have any views - or experience of this kind of scenario?
    • POPPYOSCAR
    • By POPPYOSCAR 12th Jun 19, 10:43 AM
    • 12,275 Posts
    • 27,009 Thanks
    POPPYOSCAR
    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.

    I'm thinking that I would prefer to defer for just 1 year, then take my 'uplifted' pension, but I'm not sure if this is possible. I also don't know if I could defer again for another year if that looks like a better option next August.

    Does anyone have any views - or experience of this kind of scenario?
    Originally posted by BlondeHeadOn

    Who knows?

    It seems strange to me that no real details of the new scheme have been given to us by Equitable.

    All the information is about the legalities of the transfer and timescales.

    They surely must have formulated something with Utmost but keep telling us details are to come.

    I have a feeling that given the expected uplift there may well be something to stop us all from cutting and running from the off!
    • crv1963
    • By crv1963 12th Jun 19, 11:18 AM
    • 880 Posts
    • 1,994 Thanks
    crv1963
    I have a feeling that given the expected uplift there may well be something to stop us all from cutting and running from the off!
    Originally posted by POPPYOSCAR
    My thought too!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • BlondeHeadOn
    • By BlondeHeadOn 12th Jun 19, 1:01 PM
    • 2,214 Posts
    • 2,969 Thanks
    BlondeHeadOn
    Who knows?

    It seems strange to me that no real details of the new scheme have been given to us by Equitable.

    All the information is about the legalities of the transfer and timescales.

    They surely must have formulated something with Utmost but keep telling us details are to come.

    I have a feeling that given the expected uplift there may well be something to stop us all from cutting and running from the off!
    Originally posted by POPPYOSCAR
    Glad it's not just me who thinks this, I thought I was missing something obvious... looks like everyone's as much in the dark!
    • POPPYOSCAR
    • By POPPYOSCAR 12th Jun 19, 1:15 PM
    • 12,275 Posts
    • 27,009 Thanks
    POPPYOSCAR
    Glad it's not just me who thinks this, I thought I was missing something obvious... looks like everyone's as much in the dark!
    Originally posted by BlondeHeadOn
    I also do not understand why they have advised you to defer for two years.

    If this goes ahead my understanding is the transfer will take place at the end of this year or shortly after.

    So why could you not take your pension next August 2020?
    • BlondeHeadOn
    • By BlondeHeadOn 12th Jun 19, 1:35 PM
    • 2,214 Posts
    • 2,969 Thanks
    BlondeHeadOn
    I also do not understand why they have advised you to defer for two years.

    If this goes ahead my understanding is the transfer will take place at the end of this year or shortly after.

    So why could you not take your pension next August 2020?
    Originally posted by POPPYOSCAR
    My thoughts exactly, my inclination is to defer for just one year to get the uplift and then take the pension. I don't understand why my letter from EQ says that if I do nothing my pension will automatically be deferred for 2 years. It doesn't mention any other deferral choice, just a list of options if I still want to take my pension from August.
    • woolly_wombat
    • By woolly_wombat 12th Jun 19, 1:53 PM
    • 634 Posts
    • 446 Thanks
    woolly_wombat
    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.
    Originally posted by BlondeHeadOn
    I was due to start taking my Equitable Life wp pension late last year and received a similar communication from them, also with a default 2 year deferral.

    I'm wondering if it was just a standard 2 year deferral period automatically applied to all policyholders close to retirement who would otherwise miss out on an uplift.
    • BlondeHeadOn
    • By BlondeHeadOn 12th Jun 19, 2:20 PM
    • 2,214 Posts
    • 2,969 Thanks
    BlondeHeadOn
    I was due to start taking my Equitable Life wp pension late last year and received a similar communication from them, also with a default 2 year deferral.

    I'm wondering if it was just a standard 2 year deferral period automatically applied to all policyholders close to retirement who would otherwise miss out on an uplift.
    Originally posted by woolly_wombat

    Thanks for this, that would mske more sense. Thank you!
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