EQUITABLE LIFE MEMBERS
HELP GROUP
GENERAL INFORMATION
Last Updated: Friday, July 18, 2008 05:26 PM
THIS PAGE
Moving my fund (including moving to unit linked)
Company Pensions and AVC Members
You may also like to look on our LINKS page for various websites that may give advice.
NB. By clicking on the highlighted items on these web pages they will take you through to the appropriate web page or E-Mail contact
Equitable Life have a help line NUMBER 0800 408 0097 you can also access their web site at www.equitable.co.uk.
Address
The Equitable Life Assurance Society
Walton Street
Aylesbury
Bucks. HP21 7QW
For those interested the Memorandum and Articles of Equitable Life can be seen using Acrobat Reader.
- The Association of Independent Financial Advisers on 0207 628 1287
- IFA Promotions on 0117 971 1177.
- The Society of Financial Advisers 020 7417 4442
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 EQUITABLE
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.
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.
2. It is a good idea to get the form from your new
provider first and phone Equitable to request a form at
the same time. Equitable now has the transfer forms on
their website too Equitable Life. Then send all the forms to Equitable as
they tend to get a bit confused if you send them
separately.
3. If part of your fund relates to protected rights, make
sure you tell Equitable this when you call as you will
need a different form for this. The Inland Revenue form
is called an APP3.
4. Currently Equitable say it is taking approximately
four weeks following submission of correctly, completed
forms.
5. Get as much information from people on the phone as
possible and use this to complete the forms yourself.
If you send people forms to complete certain boxes you
will inevitably have to wait around until they finally
send them back.
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
delivery.
2. You will lose the 5% MVA immediately.
3. You will get the fund prices within hours (even though
the transfer will take some time).
4. There will be no further bonus cuts from your WP fund
until transfer is completed.
5. In the past we understood that your money will buy
slightly more units than the offer price, however
Equitable now state this is for new money coming in only.
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.
The
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.
However, Halifax Life have confirmed that, whatever the legal position
of the unit linked funds, if Equitable's with profits fund were ever
to become insolvent, Halifax Life would stand behind the unit-linked
funds and policies and would be paid in full.
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.
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 mail@dataprotection.gov.uk, 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'?
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