Shareholders vote on Equitable deal

12 April 2012

POLICYHOLDERS have their last opportunity to air grievances over Equitable Life's financial disaster when they meet in London to vote on the group's compromise deal.

The proposals, involving members forgoing rights in return for an increase in the value of their policies, are expected to be approved at the gathering at Wembley Conference Centre. Counting starts after the close of business but the results will not be known for at least a fortnight. Equitable will then have to seek approval by the High Court.

But there are concerns that many policies will be cashed in soon after the new arrangements are implemented, depleting the society's financial resources. The Lords ruled in July 2000 that it was illegal for Equitable not to pay guaranteed annuity rates.

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