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Equitable rethinks drawdown transfers

Equitable Life has confirmed it will allow all its income-drawdown policyholders to transfer their plans once new regulations come into force in April.

There had been concerns that the company would prevent transfers of drawdown plans taken out before June 29, 2000.

Providers, IFAs and Money Marketing were last week told by Equitable&#39s technical services department that there would be a cut-off point of June 29 although the company always maintained its official position that the situation was under review.

The cut-off point would have forced more than 18,000 drawdown policyholders to remain with the troubled life office.

Equitable says all drawdown policyholders can transfer their plans alth ough it has not ruled out a “non-contractual” charge if funds are moved.

Spokesman Alistair Dun bar says: “When it became clear that the regulations were likely to allow drawdown policy transfers, we took the imm ediate decision that new business would have transfers allowable and we would think about existing business. We have since decided to allow existing business to transfer as well and all these transfers will be non-contractual.”

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