EQUITABLE LIFE MEMBERS
Last Updated: Friday, July 18, 2008 05:26 PM
|WHERE CAN I GET HELP?
Equitable Life have a help line NUMBER 0800 408 0097 you can also access their web site at www.equitable.co.uk.
For those interested the Memorandum and Articles of Equitable Life can be seen using Acrobat Reader.
have general information about the Financial Services industry on their website including various brochures etc.
We recommend, if you do not know what to do, that you contact an Authorised Financial Adviser (FSA website or useful numbers above) or your Company Pension's Manager if you have AVCs. The FSA say you can Fax them on 02076 760017 if you would like them to give you information about Financial Advisers in your area. The FSA switchboard number is 020 7676 1000, but they will not give out names over the phone. You can also phone the FSA Consumer Help Line on 0845 606 1234 for general information and leaflets. The FSA also have up to the minutes news on Equitable.
The Society of Financial Advisers are offering half an hours free advise with an Independent Financial Adviser. Tel: 020 7417 4442 or visit their website www.sofa.org.
For more useful links see our links page.
Halifax (HBOS) look after Equitable's administration, all the Equitable buildings and sales force were takne over in 2001.
FSA FREE CONSUMER GUIDE
The guide offers practical tips on how to compare prices for different financial products and services, and sets out the relevant questions to put to providers of financial products. It is available from main post offices or by calling the FSA's Consumer Helpline on 0845 606 1234.
|MOVING MY FUND
1. You will need a transfer form
from Equitable. You may also require a transfer form from
your new pension provider which will have certain boxes
which need to be completed by Equitable too. We have
suggested to Equitable that their forms could be put on
their web site and they are considering this proposal.
NB It is estimated that the average delay is currently close to nine weeks. We have heard that if you personally visit Aylesbury you can hurry things on though.
If you are transferring out on a non contractual date you will be subject to the MVA. This is currently 20%.
TRANSFERRING TO EQUITABLE UNIT LINKED
1. You can theoretically do the
transfer immediately on the phone, although some people
now say that EL are insisting on it being in writing, but
they will accept a fax. It must backed up in
writing. It is a good idea to send this recorded
NB It should be noted that in the case of a Liquidation Unit-Linked holders become Unsecured Creditors. They are still part of Equitable Life.
FSA have written: Technically, if Equitable Life became insolvent you
would become a creditor of Equitable. As such, the liquidator of
Equitable would be required to deal with any claim you had in the same
way they would deal with a claim from any other creditor.
|CLAIMS FOR MIS-SELLING
Claims for mis-selling are now out of time unless you have already claimed. The only possible compensation outstanding currently is from the government based on the Parliamentary Ombudsman's report.
The Motley Fool has a lively discussion board running on Equitable.
Also visit their Pensions Discussion Board on the Motley Fool for some really good points and suggestions.
AND AVC MEMBERS
If your employer's pension scheme is a final salary scheme managed by Equitable the benefits should not be affected, but check the position out with your employer. However, if your employer's pension is a money purchase scheme or you have Additional Voluntary Contributions (AVCs) with the Equitable, these are invested directly with them and you will be affected in the same way as other policyholders. Occupational pension funds are represented by the National Association for Pension Funds.
We have been asked about the Halifax writing to Equitable Life policy holders offering support and many people feel that they have not authorised this and are protected under the terms of the Data Protection Act. They also object to having to call a premium rate line 0870 9061762 to stop the mailings.
You can E-Mail Data Protection at firstname.lastname@example.org, if you wish to complain about this or any other issue pertaining to Data Protection. Also the European Convention on Human Rights, Article 8 states 'Right to respect for private and family life'?
|E-Mail: email@example.com Please let us know of any help or information you can give us that you may not wish to be made public.|
|NB The Equitable Life Members Help Group is unable to offer individual financial advice.|
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