There has been some confusion and inaccuracy in the press about how many customers Equitable Life has, how many of them are in the with profits fund, and how many of those have the annuity guarantee. The table below gives the full information that Equitable Life has produced so far.
EQUITABLE LIFE POLICYHOLDERS |
||||||
People |
Schemes |
|||||
With profits |
Unit-linked |
Total |
Total people |
|||
guaranteed |
not guaranteed |
|||||
INDIVIDUAL PLANS |
90,000 |
360,000 |
||||
TOTAL INDIVIDUALS |
450,000 |
200,000 |
650,000 |
|||
IN COMPANY PLANS |
100,000 |
460,000 |
||||
AVCs |
* |
* |
* |
500,000 |
4000 |
|
Corporate |
* |
* |
* |
200,000 |
2000 |
|
TOTAL IN COMPANY PLANS |
560,000 |
140,000 |
700,000 |
700,000 |
6000 |
|
190,000 |
820,000 |
|||||
TOTAL PEOPLE |
1,010,000 |
340,000 |
1,350,000 |
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|
|
|
|
|
|
|
* There is no breakdown of with profits or unit-linked company schemes into AVCs and Corporate. However, it is thought that the guaranteed with profits numbers are approximately 50,000 with AVCs and 50,000 in company schemes. |
This table shows that there are a total of 190,000 people who have a guaranteed annuity - 90,000 individual policyholders and another 100,000 in schemes organised through their workplace, either in additional voluntary contributions (AVCs) or in direct corporate schemes. The unit-linked policy-holders are not members of Equitable Life and have no money in the with profits fund. So the only people who can pay for the rights won in the House of Lords for the 190,000 people with guarantees are the 820,000 other individuals in the with-profits fund but without the gaurantees.
Paul Lewis
2 February 2001