Equitable Life A.G.M.

EMAG resolution

Equitable Life A.G.M.

EMAG resolution

As many of you will know by now, the Society’s AGM will beheld shortly and amongst the business are resolutions proposing that the Society should spend £2 million on taking the British Government to the European Court.

I am frequently asked, “What is the ELTA view?”

I am always a little reluctant to “tell” any individual what to say, partly because it goes against my own instincts partly because I dislike being told what to think and do, partly because we are not a political party of a Trade Union but mainly because ELTA is a free association of individuals who have a common problem, otherwise known as Equitable Life and their treatment of the With-Profits Annuitants.

However, here are the thoughts and ideas from Nicholas Oglethorpe, and myself, which you may wish to use in coming to your own decision.

We think that EMAG's desired attempt at help via European law must be tried. It is noteworthy that this is the ONLY route which the Herbert Smith letter thinks could be viable. The cost will be high, but spread among all members of the WP Fund it will be tiny so we say "have a go" and vote for the EMAG resolution.

However, and there is always a however, please do not think that:

even if the EMAG proposition is carried.

or that the Society proposes other actions.

or that the action by the P.O.

or any other actions yet to be announced.

will have any effect on our position BEFORE we are time barred from taking legal action against the Society, that is BEFORE 16^th July 2004.

Of course we shouldn't give up on Oliver Letwin in the Opposition or our own MPs sympathetic to our plight, nor should we stop lobbying the FOS, the FSA, the PO and the media or stop working on the various aspects of this sorry affair. All of these ideas may or may not produce results over the long term and that is to be wished and hoped for BUT if they do not AND we have not initiated proceedings against the Society before the above date, then we will be precluded from doing so.

In other words, these are a welcome addition to our actions but NOT a substitute for them.

We, the WPAs are going to read all sorts of proposals and suggestions over the next few weeks, whose sole objective is to discourage from taking action until it is too late. If you think the Government are masters of “spin” just watch and wait!

As I have said before, there are no White Knights out there to rescue us and the 7^th Cavalry belongs to another nation.

If we want compensation for the wrongs done to us, the Trapped With Profits Annuitants of Equitable Life, then we are solely responsible for ensuring that we fight to get it.

Nobody else is going to do it for us!