Equitable slashes payments

with-profits annuitants at troubled life office face drop in pension pay-outs of up to 29%

Equitable Life with-profits annuitants are facing a drop in their pension payments of up to 29%. The beleaguered life office said the cuts had been forced by investment losses on the stock market coupled with the fact that it has had to set aside more money for potential claims of compensation. The Society said its with-profits annuitants had so far been shielded from the cuts it had imposed on its other policyholders as, being annuity holders, they had no option but to stay with Equitable. Now however, Equitable has said in a letter to its with-profits annuitants that its policy of r...