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Equitable policyholders asked to accept lower payments

The FSA is hoping Equitable Life policyholders will be prepared to accept lower payouts in an attempt to make the troubled insurer more appealing to potential purchasers, according to the Sunday Times.

Mellon Financial Corporation, a large American group, and Dutch insurer Aegon are both thought to have an interest in purchasing Equitable, but an agreed reduction on the entitlement of policyholders with guaranteed annuities could facilitate a deal.

Until a backer is found, Equitable will have to continue scaling down its investments , thus cutting future returns to policyholders.

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