Weighty response from Equitable

By DAILY MAIL REPORTER
Updated:

 

PACKAGES weighing 1 3/4lb will land on the doormats of Equitable Life customers next month outlining the long-awaited compromise to plug the £1bn hole in its finances.

The gap arose after the House of Lords ordered it to honour special pension guarantees. Chairman Vanni Treves told the National Association of Pension Funds conference that a letter to 485,000 individuals and 6,000 group schemes will outline the deal and what the company says are the consequences of rejection.

Some savers will get the packs on different days. 'Postmen may only be allowed to take around five a day,' said Treves.

The Financial Services Authority will also write to customers with its views on the deal. A spokesman said: 'We will not say whether we support the scheme. We will explain our views on fairness and the possible consequences if the scheme fails.'

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