Page last updated 20/12/01
The Directors of Equitable Life are seeking a compromise between policyholders with Guaranteed Annuity Rates and those without, with policy value uplifts averaging 17.5% and 2.5% respectively.
The advice from the Fund’s Actuary, William M Mercer, indicates that for this Fund with only non-Guaranteed Annuity Rate members the proposal offers a high degree of certainty in exchange for the loss of possible mis-selling claims which might prove to have no foundation and would, in any case, require years of legal battles to establish.
Our Advisors consider that if the compromise proceeds it is likely to be in the interests of most or all Scheme members.
The Superannuation Committee at its meeting held on 19 December 2001 accepted the advice of its Advisors and agreed to cast their vote at each of the two non-Guaranteed Annuity Rate meetings in favour of the proposals.
Further information will be reproduced on this site as and when it becomes available.
Copyright © Wolverhampton CC 2001.
