Common questions

What is the Equitable Life payment scheme?

What is the Equitable Life payment scheme?

The Equitable Life Payment Scheme (the scheme) was set up by government to make payments to Equitable Life policyholders in respect of relative loss they suffered on their investments following government maladministration in the regulatory returns of the Equitable Life Assurance Society between 1992-2000.

What happened to Equitable Life insurance Company?

The Equitable Life Assurance Society (Equitable Life), founded in 1762, is a life insurance company in the United Kingdom. After closing to new business in 2000, parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020.

Can I cash in my Equitable Life pension?

Equitable Life was required by regulations to keep this money as a cash reserve so it could pay savers’ pensions in the event of a market downturn. Now these pensions have been sold, it can be released and paid to customers. Equitable Life also has spare cash because market conditions have improved since its problems.

Why did Equitable Life Fail?

Founded in 1762, Equitable Life is the oldest mutual life insurance company in the UK. It came to the brink of collapse in 2000 after it could not afford to pay guarantees on pensions annuities, and was forced to put itself up for sale and close to new business.

Is Equitable Life compensation taxable?

All payments to individual payees will be free of tax. However, in certain circumstances, the payee will not be the individual member of the scheme.

How do I contact Equitable Life?

Individual Policyholder Queries If you have a query relating to your policy, please call us on +44 1296 386242 between 9am and 5pm, Monday to Friday.

Is Equitable Life legit?

Rated 3.5 stars out of 5 by NerdWallet. Large selection of term and universal life policies.

Who took over Equitable Life Pensions?

Reliance Life
On 4 March 2019 we re-branded to Utmost Life and Pensions from our former name, Reliance Life and on 1 January 2020 we welcomed our Equitable Life customers. Rest assured, as homes for policies go, it’s a pretty good one. We have a strong history of taking customers from elsewhere into our care.

How do I claim Equitable Life Insurance?

Need to get in touch?

  1. Annuity Claims: (800) 789-7771.
  2. Life Claims: (800) 777-6510.
  3. EQUI-VEST Claims: (800) 628-6673.
  4. Employee Benefits: (866) 274-9887.
  5. Death After Retirement/Group Pension/Annuity Benefits: (800) 245-1230.

How do I contact Equitable Life in the UK?

If you have a query relating to your policy, please call us on +44 1296 386242 between 9am and 5pm, Monday to Friday.

Is Equitable a good company to work for?

79% of employees at Equitable say it is a great place to work compared to 59% of employees at a typical U.S.-based company. …

Is Equitable a good company?

Financial Strength and Ratings AXA Equitable is considered to be an extremely strong company from a financial standpoint. It also pays out its insurance claims quickly and consistently to its policyholders. For these reasons and more, the insurer has been provided with high ratings from different agencies.

When does Equitable Life with profits policy change?

For information about with profits policies, visit our With profits pages. For policyholders who transferred from Equitable Life, with-profit policies were converted to unit-linked policies as part of the Proposal that came into effect on 1 January 2020.

When do with profit Equitable Life pension pots increase?

Equitable Life policyholders with a ‘with-profit’ plan are in line to receive an extra payout of around £9,500 in January 2020. As reported by The Daily Mail, those with ‘with-profit’ policies will see their pension pots increase by around 70 per cent.

Who are the subsidiaries of Equitable Life UK?

Following the implementation of the Proposal on 1 January 2020 all other with-profit policies of the Equitable were converted to unit-linked. Irish and German policies remain with the Equitable. The UK and International policies were transferred to Utmost Life and Pensions, which the Equitable is now a subsidiary of.

What are the principles of fair and equitable compensation?

Such principles fall into either a general or specific category. First and foremost, fair and equitable salary administration is predicated on having accurate salary ranges that reflect the reality of the relevant outside labor market over a given period of time which is typically for a budget year.