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High Court approves Equitable deal

The High Court has approved Equitable Life&#39s compromise scheme aimed at preventing the society from sliding into insolvency.

Equitable will now begin implementing the plan – which received the backing of up to 99 per cent of its with-profit policyholders – in order to qualify for £250m from Halifax.

Under the scheme, guaranteed annuity rate policyholders receive an uplift in the value of their pensions of 17.5 per cent in return for giving up their guaranteed rates.

Non-GAR policyholders receive an uplift of 2.5 per cent for both accepting the uplift for GAR holders and waiving their rights to sue Equitable for misselling.

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