# the Equitable Life duscussion



## peel (31 Oct 2001)

Can anybody tell me if the 16% deduction made from  policies in July this year also applies to Irish policies?


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## CM (31 Oct 2001)

*EL*

I take it that, like myself, you received the latest EL missive with it's usual UK bias (<!--EZCODE ITALIC START-->_ "For three weeks we toured Britain..."_<!--EZCODE ITALIC END-->) yesterday or today? :x  As far as I remember the MVA and/or reduction in interim returns on Irish WP policies is less severe than apply to UK policies. Unfortunately I haven't got the figures to hand and can't find any relevant information elsewhere on AAM.


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## peel (31 Oct 2001)

*the Equitable Life discussion*

Circular of 18th Sept. to Irish policyholders states that cuts on Irish policies are not as severe as those on our British brethern and sets out the bonus rates applicable but makes no reference to the July 16% reduction on policy values.


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## CM (31 Oct 2001)

*October 19th*

The circular of October 19th refers to the EL "tour of Britain" and the July 16% reduction in policy values. However this would not be the first time that EL sent misleading information (i.e. UK specific MVAs and bonus reductions) to its Irish clients. They also include "A Brief Guide to With Profits" - a kind of patronising "I told you so" to all the EL begrudgers out there. The small silver lining on this big cloud is that Irish policyholders are not (at the moment at least!) being hit as hard as their UK counterparts. :rolleyes


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## garrettod (1 Nov 2001)

*Re: October 19th*

For anyone interested ...

There has been some positive articles written on EL members possibly being compensated etc - further details on the link below:

[broken link removed]


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## CM (1 Nov 2001)

*Irish MVA*

I went through my EL file (sad I know!) last night and could find no clarification of the situation with regard to the MVA/bonus reduction/policy value reduction/etc.  applicable to Irish WP policies. EL seem to insist on ignoring the fact that Irish WP policyholders are in a different situation to their UK counterparts and continue to send us the UK specific information on such matters. For what it's worth they say that policy valuations will be issued to all policyholders some time in November (presumably along with the "Way Forward" voting papers) so maybe they'll include the required information then. >:


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## CM (1 Nov 2001)

*Compensation?*

<!--EZCODE BOLD START-->* There has been some positive articles written on EL members possibly being compensated*<!--EZCODE BOLD END-->

I presume this is not much use to Irish WP policyholders:

<!--EZCODE ITALIC START-->_ The Treasury could compensate policyholders of troubled mutual Equitable Life if the Parliamentary Ombudsman decides they have suffered an injustice._<!--EZCODE ITALIC END-->


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## JoJo (7 Nov 2001)

*EL*

No, it doesn't.  It applies purely to UK customers.  Irish Policyholders had their bonus reduced slightly this year instead.
This is because Irish assets are held separately and the Irish stock market performed (relatively) better than the Uk.


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## blancks (8 Nov 2001)

*Re: ELIrish investors Support Group*

I have an Irish Bond & a with profits annuity. I have been in touch with the UK Equitable Life Members Help group and it was suggested that I should attempt to form an Irish Members Group. 
Nobody seems to know the total numbers involved, anything between 10,000 & 25,000 is quoted. I think the spread is due to AVC's where the group only has one voting member.
Anyone interested please contact me at blancks@yahoo.com


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## CM (8 Nov 2001)

*Re: ELIrish investors Support Group*

Just curious - do you have any ideas what "manifesto" such a representative group might follow? It's just that at the moment there seems to be nothing for it but to sink or swim (i.e. vote through the compromise). Bear in mind that, as far as I know, Irish WP policy holders are arguable better off than their UK counterparts at the moment due to less severe MVA and better interim rates (still can't find the <!--EZCODE ITALIC START-->_ exact_<!--EZCODE ITALIC END--> details). Campaigning for equal treatment could theoretically result in disimproving our situatuon (but this may not actually be possible if the Irish WP fund is strictly "ring fenced" and separate from the UK fund). Just some things to bear in mind.


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## blancks (9 Nov 2001)

*Re: ELIrish investors Support Group*

I think any sizeable group could force the Irish regulators, with whom the company was registered to treat the Irish "Pool" as a separate entity without the liability to fund the GA holders. It may be pie in the sky, but many of us have already part funded this by the fall in the value of the punt against sterling since we invested.


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## JoJo (9 Nov 2001)

*Possible "Irish" group*

There is a solicitor, Margaret Feldgate appointed by EMAG (members group in UK) to lobby for the rights of "international" groups e.g. Dubai, Geurnsey, Ireland and Germany.  She had attempted to get us ring fenced and therefore not be part of the overall GAR issue (the basis for her lobbying was that GARs were never sold in these countries).
However, EL themselves, whilst not commenting on this, have, I think placed as part of the compromise deal that ex-UK members will not sue or attempt to ring fence themselves.
Have a read thru the literature.
Once again, it won't matter really if THE VOTE IS YES.  EL is a profitable, sound company once the Halifax add their bit.


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