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Equitable Life puts freezes sales process

Equitable Life has announced that it has put its sales process on ‘hold’ after the Board decided that proposals would not improve prospects for customers.

The group say it will now focus on providing the best possible strategy for running the business until the current policies mature, such as the company, people, structure and costs.

The news comes following the transfer of £4.6bn of non-profit pension annuities to Canada Life and £1.7bn of with-profits annuities to Prudential.

Equitable Life invited third parties to make proposals earlier this year.

Equitable Life’s chairman Vanni Treves says: “Having carried out this important test of our options for improving prospects for our policyholders, we will now focus on a stable and secure run-off of the Society.”


ABI’s 30-day transfer target misses the point

The Association of British Insurers’ 30-day target for transferring pension fund has been criticised by advisers.
The Retirement Adviser director of retirement planning Nick Flynn said it was ridiculous that while some firms would guarantee a quote for an annuity for two or three weeks, the failure of other firms to transfer funds on time left those quotes redundant. “On one hand, you are offering 30 days to move the money and on the other, most insurers are promising people two or three week guarantees. You are promising the client something they cannot have because the rates are going to move,” he said.

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Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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