Retirement: Anger over Equitable Life Annuity deadline

A protest this week, outside the houses of parliament, has highlighted the problems of some ex-Equitable Life policy holders barred from a £1.5 billion government compensation scheme. Equitable Life was one of the UK most high profile insurers until its collapse in 2001, which left thousands of investors and pensioners nursing considerable financial losses, officially estimated, to be £4.3 billion. Retiring soon? Our advisers can help you make the right decision...

Equitable Life victims may receive £250 each in compensation for loss of retirement savings

Victims of the Equitable Life collapse are furious after the government announced they may receive as little as £250 each in compensation. This follows recommendations made by the Sir John Chadwick Report released this week. Almost 1.5 million policy holders invested their retirement savings into pension plans with the firm but the minimum payment guarantees they were promised could not be met - the changes in interest rates and inflation during the 1990s made the annuity returns too expensive to pay out.