Equitable Life
The Equitable Life With-profits policy has been closed to new investment since September 2000, although some Defined Benefit members may still have a transfer-in from another pension scheme or AVC funds invested in this policy.
Since 24 April 2007, Equitable Life have applied a Market Value Reduction (MVA) of 5% to any funds withdrawn early for alternative investment. If you are thinking about disinvesting your Equitable Life fund, you should take into account the fact that they can change the level of the MVA at any time and without prior notice. If this happens before Pension Services disinvest the money, we will contact you to confirm you still want to go ahead.
If you would like to disinvest any monies you have with Equitable Life, please complete this form and return it to Pension Services.
Equitable Life don't apply an MVA if the funds are withdrawn at retirement or on death.
Equitable Life Payment Scheme
The Independant Commission's report on the Equitable Life payment scheme has provided some further clarification regarding the allocation and priority of distribution of the monies set aside by the government in it's Autumn spending review. There are however many questions regarding how the payment scheme will impact group schemes, such as IBM, that are yet to be clarified.
We understand that the Equitable Life compensation scheme will be contacting all members affected within the next 12 months. Group policyholders may not receive any contact from the scheme until June 2012. Until Pensions Trust are contacted, details are not known about how the compensation will be calculated.
Last Updated: 23/11/2011
