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NAPF receives assurance from Equitable

The National Association of Pension Funds says it has been assured by Equitable Life the likelihood of further bad news for policyholders has been substantially diminished by recent reductions in policy values.

The NAPF also reported reassurances that Equitable remains solvent, and that a further substantial fall in equity markets would be necessary to threaten this position.

NAPF chairman, Peter Thompson, says: "The issues facing trustees with Equitable with-profit policies are very complex, and are exacerbated by understandable concern from scheme members who have seen the value of their with-profits policies cut yet again. It is now more than ever important that trustees take advice from their pension scheme advisers as to the most appropriate course of action to be taken.”

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