How many members?

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

 
             

 

 

 

 

 

 

 

* 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


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