ELTA PRESS RELEASE - 18 May 2004

Tuesday 18 May 2004

Boost for Pensioners’ plan to sue Equitable

Pensioners action group ELTA has received 2,000 enquiries from Equitable annuitants interested in suing the Society to recover their losses and extended the deadline for applications to allow more people to join the action.

“As of today we have received membership cheques and forms from over 400 people and we know there are many more on the way” said ELTA’s chairman, Peter Scawen. “This means we have met our first objective, which is to have enough information to brief counsel to determine the precise nature of our claims against the Society.”

ELTA says that many people are still trying to complete their documentation to join in the litigation, so the group has extended the deadline for applications by 2 weeks, until 28^th May.

The group is inviting 60,000 with-profits annuitants to join them before the May 28^th deadline, to ensure that a writ can be issued in July before their case is ‘timed-out’ by the Statute of Limitations. ELTA has been offered a ‘no win no fee’ deal with Bristol lawyers Clarke Willmott.

Members are being asked to pay an initial £100 towards the group’s fighting fund, with another £900 due in July on the assumption that they agree to issue a writ. The group is now close to its target of £500,000 to cover the costs of insurance and QCs fees.

“The Equitable board are just playing for time with their advice to wait for the Parliamentary Ombudsman,” said Scawen. “We don’t trust them, which is why we are taking matters into our own hands.”

Many Equitable WP annuitants have seen their pensions slashed by up to 40% and have been led to believe that their income could suffer more cuts in the future.

More information on the proposed legal action can be found on the ELTA website at www.elta.org.uk or by writing to ELTA at Mid Comp Farm, Comp Lane, Sevenoaks Kent TN15 8QT.