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Equitable Life boosts with-profits payouts

Equitable Life has boosted the payout it gives to customers leaving its with-profits funds from 25 per cent to 35 per cent.

The company was able to up capital distribution, which takes effect from 1 April this year, because it took back control of unit-linked business fromm Halifax Life and transferred its non-profit annuity business to Canada Life.

A with-profits pension policy with a transfer value of £10,000 as at the end of 2010 would now have a transfer value of £15,500 on 1 April 2015, Equitable Life says.

Last year, policyholders saw their exit payouts double from 12.5 per cent to 25 per cent and the exit charge scrapped.

Equitable Life chief executive Chris Wiscarson says: “The Society’s strategy of recreating policyholder value is delivering. Over the last five years, with-profits policyholders would have seen a transfer value of £10,000 grow to almost £15,500.”

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