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Equitable proposes £1.5bn GAR cap

Equitable Life is putting together a £1.5bn package to cap its liabilities to its 90,000 guaranteed annuity rate policyholders.

The money would come from Equitable&#39s £25bn with-profits fund. Equitable argue that a capping of the liabilities would permit more adventurous investment and improve returns for all shareholders.

Equitable need 75 per cent of the GAR policyholders to agree to the plan which would allow its proposed deal with Halifax to go ahead, subject to court approval.

Halifax want to buy Equitable&#39s asset management business, administration systems and salesforce for up to £500m.


Society lending down in December

Lending by building societies plummeted at the end of last year with net advances falling by £278m from £961m in November to £683m in December, according to the Building Societies Association. The BSA says the drop reflects the removal of Bradford & Bingley from the monthly survey, following its conversion to plc status at the […]

&#39Isas more suitable than stakeholder&#39

Isas are more appropriate than stakeholder pensions for low to medium earners, says a senior economist with the ABI. Economist Chris Curry makes his claim in the trade body&#39s quarterly insurance trends survey. Curry writes about the pensioner credit and the effects it will have on the insurance industry. He says there are few tax […]

Skandia cics off with protect

Skandia Life has introduced Skandia protect – an individual critical illness plan that enables clients to renew their cover in 10 year chunks, without having to provide additional information about their health. This rolling term approach can last indefinitely, but those who prefer fixed term cover can choose cover that lasts between five and 35 […]

Outside View Robert Reid

Ever since the title Independent Financial Adviser came into use, we have had change after change with the management consultants predicting the end for IFAs, only to find them prospering. But now is not like the other times. After all the rhetoric, this is the real test for Aifa. If it fails to secure robust […]


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