More Pain For Equitable Policyholders

Published / Last Updated on 20/02/2002

Equitable have taken steps to impose yet more penalties, but this time on a different group of policyholders.

This time the 10% penalty will apply to policyholders who have Retirement Annuity Contracts and want to take their retirement benefits before age 60 (which is the minimum age retirement benefits can be taken from a Retirement Annuity Contract).  For people to take benefits from these policies before age 60 they must first transfer the funds that have built up into a Personal Pension Plan.  

Before the compromise deal was agreed, Equitable let these policyholders transfer to personal pensions without imposing the penalty.  This was because by transferring, the policyholder was giving up any guarantees they were entitled to.  Now that the compromise deal has been secured and there are no longer any guarantees, Equitable have stated that the 10% penalty will be imposed.

To find out about retirement annuity policies and personal pensions visit Pensions Adviser.com.

If you need help please contact us.

Previous Equitable stories.

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