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Equitable confesses to annuities bill

Equitable Life has finally admitted its pensions business was hit by last year&#39s test case over the treatment of policyholders with annuity guarantees.


The mutual life office said total new business had fallen from £2.62bn to £2.41bn last year, while new life business was down 8.8 per cent at £584m.Last August Equitable Life won the first phase of its legal battle to avoid paying final bonuses to more than 100,000 guaranteed pension policyholders in full.


Equitable managing director Alan Nash says: “During 1999 uncertainty over stakeholder pensions caused many individuals and small businesses to delay their plans.”


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