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Actuaries to review Equitable&#39s position on non-GAR pensions

Equitable Life has set up a review to decide whether to compensate non-guaranteed annuity rate policyholders who believe they have been missold policies.

It says it has made the move to head off “expensive and time-consuming” legal action. It has commissioned an independent review by actuaries B&W Deloitte to determine whether former holders of non-GAR policies have suffered loss as a result of being missold policies.

Policyholder action groups have pledged to pursue Equitable in the courts, claiming they were not told of the GAR liabilities when they took out their policies.

The review was established after discussions between Equitable, the FSA and the Financial Ombudsman Service. It will determine any loss by comparing the performance of the society&#39s products with other providers, taking into account date of purchase, payment profile and date of maturity or surrender.

Chief executive Charles Thomson says: “This process is a cost-effective alternative to the courts which can be expensive, time-consuming and would potentially put at risk the resources of former policyholder claimants and the society.”

Dennehy Weller managing director Brian Dennehy says: “It is good to see Equitable trying to deal with these matters. However, I doubt whether this review will put a definitive end to its – and its former policyholders&#39 – problems.”

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