98% have voted "Yes" and accepted the proposed deal. In the proposed compromise deal, affected Guaranteed Annuity Rate policyholders will receive an increase in their policy values of 17.5% and other policyholders will receive an increase of 2.5% - members have given a massive "thumbs up" by accepting the deal.
Had the compromise deal not been accepted by policyholders, the potential cost of the guaranteed annuity problem, running into billions, would have put the Life office in serious jeopardy.
As mentioned in our previous stories, Equitable are still not "home and dry" yet. The vote has still got to go to the High Court for approval.
If you would like advice on your Equitable Policy please contact us.
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