Equitable: £1.5bn - a start but not enough

By James Salmon for the Daily Mail
Updated: 11:37 BST, 20 October 2010

?

Equitable Life 投資家s who saw up to half their 年金s wiped out when the 保険会社 almost 崩壊（する）d are still unhappy にもかかわらず the 政府's £1.5bn 補償（金） 申し込む／申し出.

Robbed: Read below how コマドリ Knock 推定する／予想するd £20k a year but got £8,500

The 申し込む／申し出, 明らかにする／漏らすd in Saturday's Mail, was the 最新の 試みる／企てる to placate onem savers who 見積（る） they have lost up to £6bn as a result of the 保険会社's nearcollapse in 2000.

While raising the level of 補償（金） to three times that 以前 申し込む／申し出d is a 重要な victory, many 選挙運動者s say the 申し込む／申し出 is still '不十分な' and are 勧めるing the 政府 to find more money.

Equitable is the world's oldest life 保険会社 with 1.5m policyholders who 信用d it with £26bn.

But in 2000, it 現れるd the 会社／堅い had made 年金 約束s it couldn't afford and had a staggering £1.5bn 黒人／ボイコット 穴を開ける in its 財政／金融s.

緊急 対策 saw it 削除する the value of 投資s, fight 法廷，裁判所 戦う／戦いs against its policyholders and introduce 刑罰，罰則s to 妨げる them escaping.

The スキャンダル enveloped the 保険会社's directors, regulators and finally the 政府 which, in July 2008, was 設立する 有罪の of ten counts of maladministration in a damning 報告（する）／憶測 by 議会の Ombudsman Ann Abraham.

She recommended the 政府 支払う／賃金 fair 補償（金）, which the actuaries Towers Watson said would be around £4.8bn.

But in July this year, Sir John Chadwick, who had been （売買）手数料，委託（する）／委員会／権限d by the last 労働 政府, recommended 削除するing this to between £400m and £500m.

Ms Abraham 述べるd his 提案s as '危険な and unsound', 告発する／非難するing the previous 政府 of ignoring her 推薦s.

Now the 連合 計画（する）s to 発表する a £1.5bn 妥協 payout in today's 包括的な Spending Review.

While raising the sum to three times that 以前 申し込む／申し出d is a victory, many are 需要・要求するing the 政府 支払う／賃金s 十分な 是正する.

The スキャンダル has now dragged on for more than a １０年間, with more than 50,000 people dying in the fruitless wait for 補償（金）.

投資家 Colin 負かす／撃墜するs, 57, from Birmingham, who lost £30,000 from his 年金, says: 'The 虐待 of Equitable policyholders is a 抱擁する stain on our democratic 過程s. We 需要・要求する 司法（官） and fair and proper 補償（金）.'

Ken Dunthorne, 63, from Somerset believes he has lost half his 年金. He says: 'The 財務省, which 原因（となる）d all the problems in the first place, wants to 略奪する me again by not 支払う／賃金ing proper again by not 支払う／賃金ing proper 補償（金） for its mistakes.'

The Equitable Members 活動／戦闘 Group (EMAG), which 代表するs 40,000 members, is 令状ing to all MPs 勧めるing them to throw out the 補償（金） 一括. It 告発する／非難するs the 政府 of ignor ing 推薦s in a Public 行政 Select 委員会 報告（する）／憶測 published last Friday.

Both Sir John Chadwick and 示す Hoban, 財政上の 長官 to the 財務省, appeared in 前線 of the 委員会.

The MPs slammed the £500m 申し込む／申し出 as 不十分な and told the 連合 to go 支援する to the 製図／抽選 board and come up with a more generous 一括 which 固執するd to the 議会の Ombudsman's 報告（する）／憶測.

EMAG 広報担当者 Paul Weir says: 'The 政府 is 捜し出すing to ride roughshod over the 推薦s of the Ombudsman. To characterise us as "豊富な 相場師s" is an 侮辱 of breathtaking cynicism. These 犠牲者s are 存在 slowly bled to death.'

Stephen Lloyd, Lib Dem MP for Eastbourne and 共同の 議長，司会を務める of the All Party Group on Equitable, branded the £1.5bn 申し込む／申し出 '不十分な'.

He says: 'If this 漏れる is 訂正する, the 申し込む／申し出 is 不十分な and I will be making active 代表 on に代わって of the tens of thousands of policyholders who have been so apallingly sold 負かす／撃墜する the river by the previous 政府.

We'd been told to 推定する／予想する £20,000 a year but got £8,500

広大な／多数の／重要な 期待s: コマドリ Knock with his wife フランs and grandson Charlie

He 推定する／予想するd this to give a 年金 of between £15,000 and £20,000 a year. Instead, he and his wife フランs, 69, are receiving just £8,500.

He was caught out when Equitable scrapped its 保証（人）d annuity 約束s and instead gave policyholders a far いっそう少なく 価値のある 17.5% 増加する in a 年金 基金 that had already been 削減（する）.

Mr Knock, pictured with his wife フランs and their grandson Charlie, 12, had a printing 商売／仕事 and took his money out in 2003.

He says: 'Everyone has broken their 約束s. First Equitable broke their 約束 on the 保証（人）s, now the 政府 isn't 補償するing us 適切に.

Almost five years ago they said we should have up to £5bn 支援する. Ten years later, we're 存在 申し込む／申し出d just £1.5bn.

'You think you're doing the 権利 thing by saving for a 年金, then it's taken away from you. It's a real hardship to save enough for 退職 ― and even harder when you don't get enough 支援する out.'

I lost half my 年金

Big loss: Jeffrey Worsley (pictured with wife Marjorie) had a nervous 決裂／故障

He had a with-利益（をあげる）s annuity with Equitable that should have paid him and Marjorie, 67, a 年金 of a 一連の会議、交渉／完成する £13,000 a year.

The company sold these risky annuities with the 関わりあい／含蓄 that 投資家s would get a rising 退職 income.

Instead, the Worsleys now get いっそう少なく than £6,000 a year and Mr Worsley is worried about how little his wife would receive if he died.

He 見積（る）s if they live to be 80 and 85 それぞれ, they'll have lost about £200,000 in 年金 payouts.

Mr Worsley, from Hope Valley, in Derbyshire, says: 'If anything happened to me, Marjorie would get only £3,000 a year. She'd have to sell our house and live on 利益s.

'As a director, our 年金 went into Equitable. I felt 特権d to be in that 基金. The other 労働者s had a different 計画／陰謀 and when the company went 破産した／（警察が）手入れする, they were 保証（人）d 90% of their 年金 貯金.

'But with this 最新の 申し込む／申し出, we're getting only about 30%. It doesn't seem fair.'

We were 軍隊d to sell our home

Paul Ryan: '財務省 knew what was going on'

He is so angry about the 最新の 申し込む／申し出 that he's considering 辞職するing as treasurer of his 地元の 保守的な Party.

Mr Ryan, pictured with his wife 告訴する, from Midhurst, in Sussex, says: 'The 現在の 申し込む／申し出 to 補償する us is 全く 不十分な.'

Three months before the House of Lords ordered Equitable to stand by its 保証（人）d annuities, Mr Ryan was 説得するd by an Equitable Life 助言者 to give up his 保証（人） ― and then saw his 年金 削減（する） by 16%.

At the same time, he and 告訴する, 71, sold their family home in Surrey and bought a smaller one, putting the £130,000 解放する／自由なd up into a Personal 投資 計画（する） with Equitable.

This was supposed to 支払う／賃金 a 最小限 of 7.75% in 利益／興味 to 上げる their 年金, but never did.

By the time they could 身を引く all their 貯金 in 2003, their マリファナ was 価値（がある） only £177,000. Instead of buying a 年金 of £30,000 a year as they 推定する／予想するd, it now produces only £20,000 a year.

'What makes me sick is that the 財務省 knew what was going on and didn't 知らせる the public. We're downsizing for the second time to （不足などを）補う for our 年金 不足（高）.'

THE VICTIMS

The 大多数 of Equitable's 1.5m policyholders were in personal 年金s and work 年金s linked to the 会社／堅い's 巨大（な） with-利益（をあげる）s 基金.

Most were savers on middle incomes with an 普通の／平均（する） 年金s マリファナ of £46,000.

Total losses, 親族 to what they would have 達成するd with another 保険 company, are 概算の to be £4.8bn by 独立した・無所属 actuaries Towers Watson.

But EMAG 見積（る）s the loss to be closer to £6bn. The 会社／堅い's with-利益（をあげる）s 基金 ― used to 支払う／賃金 out 年金s and 社債s ― was 価値（がある） around £26bn when it 攻撃する，衝突する the 衝撃を和らげるものs. It's 価値（がある） just £5.5bn today.

The groups competing for 補償（金） 含む:

? WITH-PROFITS annuitants ― these annuities , bought at 退職, were supposed to 支払う／賃金 an income for life. Some have seen their income halve.

? GUARANTEED 年金s ― many 政策s 約束d a high 保証（人）d income on the 年金 貯金. These 保証（人）s were scrapped in 交流 for a 17% 増加する in the 政策 value. But the company had already swiped 16% of the 基金.

? OTHER 年金s ― these, too, lost 16% of their 基金 and 結局 got just 2.5% 支援する. In 新規加入, the 保険会社 課すd swingeing 財政上の 刑罰，罰則s on those who moved their money どこかよそで. And the 400,000 savers who stayed 苦しむd years of dismal returns ― as have millions of others in 基金s の近くにd to new 投資家s.

In 1998, Equitable paid £264,538 on a 20-year, £200-a-month with-利益（をあげる）s 年金 compared with £241,254 by Prudential. Now, Equitable 支払う／賃金s £73,466, while the Pru, which remains open and 活発に 投資するd in 株, 支払う／賃金s £95,469.

THE OFFER

十分な 詳細（に述べる）s will be 発表するd in today's spending review. But the 政府 has said it will prioritise those 攻撃する，衝突する hardest. This is understood to 含む the 50,000 pensioners who took out withprofits annuities and are seeing their income wither away.

An 初期の 支払い（額） of £1bn is 推定する／予想するd to be 株d out の中で policyholders, prioritising these pensioners. Then a その上の £500m マリファナ will be put aside to 最高の，を越す up their incomes.

The first 支払い（額）s are 推定する／予想するd next year, as it is 推定する／予想するd to take several months to 始める，決める up the 計画／陰謀.

But EMAG points out that an 独立した・無所属 （売買）手数料，委託（する）／委員会／権限 has already been 任命するd to decide how 補償（金） is 施し物d out.

WHY THE ROW NOW?

The 労働 政府 終始一貫して 試みる／企てるd to 避ける 支払う／賃金ing 補償（金）.

Sir John Chadwick argued that most policyholders would have 投資するd in Equitable even if they had known of the previous 政府's maladministration. This led him to 削減（する） 補償（金） to between £400m and £500m.

The Tories 約束d to 支払う／賃金 up for 親族 losses, 支配する to affordability for the taxpayer.

Now the 犠牲者s argue the 政府 must match its words with 活動／戦闘s. But the 政府 will be acutely aware that when it is cutting spending どこかよそで it will be 限られた／立憲的な in what it can 支払う／賃金 out, however just the 原因（となる）.

10-YEAR FIGHT FOR JUSTICE

抗議する: Actress 栄誉（を受ける） Blackman outside 議会

FEBRUARY: Money Mail 明らかにする／漏らすs £1bn-加える blackhole in withprofits 基金.

JULY 2000: House of Lords 支配するs Equitable must honour its かかわり合いs. 引き継ぎ／買収 憶測 開始するs and carpetbaggers begin 投資するing hoping for a windfall.

DECEMBER: No growth 追加するd to 政策s for first seven months of year; 10% 出口 刑罰，罰則 introduced.

JULY 2001: 政策 values 削除するd by 16%.

AUGUST: 政府 任命するs Lord Penrose to 調査／捜査する downfall.

SEPTEMBER: 70,000 policyholders with 保証（人）d annuities 申し込む／申し出d a 17.5% 増加する in value of 計画（する）s in 交流 for giving up 保証（人）s.

SEPTEMBER: The Baird 報告（する）／憶測 （売買）手数料，委託（する）／委員会／権限d by the 政府 結論するs the FSA 'failed to 位置／汚点／見つけ出す 重要な problems and follow up 問題／発行するs that had been 暴露するd'. However, it says the 'die was cast' by failings of previous regulators.

NOVEMBER 2002: Income paid to 50,000 with-利益（をあげる） annuity 支えるもの／所有者s 削除するd by 20%.

JULY 2003: 議会の Ombudsman Ann Abraham （疑いを）晴らすs the FSA of any 悪事を働くこと.

MARCH 2004: Penrose 報告（する）／憶測 published. It 告発する／非難するs the former Equitable 管理／経営 team of '疑わしい' practices and a 'culture of 巧みな操作 and concealment'.

JULY: Abraham says she will 再開する her 調査 and 診察する the 政府's 役割 in the 規則 of Equitable Life 事前の to December 2001.

JUNE 2007: The European 議会 calls on the UK 政府 to 補償する policyholders. Its 報告（する）／憶測 非難するs the 政府 for failing to 確実にする that EU 法律制定 had been 器具／実施するd 適切に.

JULY 2008: Abraham publishes her scathing 報告（する）／憶測 ― 延期するd by 財務省 foot-dragging ― 告発する／非難するing the 政府 of 'maladministration' and recommending 補償（金）.

JANUARY 2009: Abraham says she is 'as tonished' at the 政府's 'unsatisfactory' 返答 to her 報告（する）／憶測. Former 控訴，上告 法廷，裁判所 裁判官 Sir John Chadwick is （売買）手数料，委託（する）／委員会／権限d to produced yet another 報告（する）／憶測 on who will receive what.

MAY 2010: Coaliton 約束s 高めるd 補償（金） 計画／陰謀 along lines 示唆するd by Abraham.

JULY: Chadwick 報告（する）／憶測 示唆するs 絶対の loss is between £2.3bn and £3.3bn, but caps this at 20 to 25% per policyholder, 減ずるing 全体にわたる payout to 最大限 of £500m. 独立した・無所属 （売買）手数料，委託（する）／委員会／権限 任命するd to 配分する 補償（金）. 報告（する）／憶測 予定 in January 2011.

OCTOBER: 政府 raises 提案するd payout to £1.5bn.