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Equitable must review cut decision says consultancy

The Equitable Life Board must review its decision to slash the value of pension policies which are approaching maturity as policyholders will need retirement income sooner rather than later says consulting actuary Punter Southall & CO.

It is unfair to penalise older policyholders who will need income from their policies soon says Punter Southall principal Caroline Pearson, whereas younger policyholders have more time to make good the lower investment returns they are facing.

Pearson also says the society must review its withdrawal penalty now and not wait until later in the year to do so.

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