• From The BBC:

    Returns from similar pension company investments may be used when working out compensation levels for Equitable Life policyholders, a report says.Sir John Chadwick is designing a scheme to give voluntary payments to the “hardest hit” of Equitable’s investors. He said that their relative loss would be worked out by studying the potential outcome of policies with similar but alternative pension providers. Hundreds of thousands of people lost savings after the firm’s near-collapse. Ombudsman findingsEquitable Life, one of the UK’s largest private pension providers, came close to collapse nine years ago after being ordered by the High Court to fulfil financial promises which it could not afford.
    The subsequent saga saw more than a million policyholders suffer large cuts to the value of either their prospective or current pensions, as the society struggled to stay solvent. The government has since said it is planning limited discretionary payments to those investors who suffered the most….

    Click to read the full article »

    Posted by Jon @ 4:59 pm

Leave a Reply

Your email address will not be published. Required fields are marked *