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Former Equitable Life Annuity

Your former Equitable Life With-Profits Annuity provides an income for life.

About your annuity

  • You can’t transfer your annuity to another company or cash it in.
  • Your plan’s conditions don’t allow changes to the Anticipated Bonus Rate (ABR).
  • Switching from a With-Profits Annuity to a Guaranteed Pension Annuity is not permitted under your plan’s conditions.

About your annuity income

Your annuity income might change depending on

  • the performance of the Prudential With-Profits Fund
  • changes to your tax code
  • changes to your gross payment amount (before tax or deductions).

What happens next?

  • We’ll contact you about seven weeks before your plan’s anniversary to explain any income limit changes and your options.
  • We’ll let you know if your net income changes by more than £10.
  • If you want to be automatically updated when your net payments change by £1.00 or more, contact us to opt-in.
  • If you weren’t expecting a change to your annuity income, please contact us.
  • If you weren’t expecting a change to your tax code, please contact HM Revenue & Customs (HMRC)

This year’s Bonus Declaration

Former Equitable Life With-Profits Annuities - Special Bonus 2008

  • In 2008, Prudential announced on behalf of Equitable Life that a Special Bonus of 3.01% had been awarded.
  • The Bonus arose because the amount transferred to Prudential for With-Profits Annuities was greater than the minimum amount required to fund these annuities.
  • The difference was distributed as a Special Bonus, increasing the non-guaranteed part of the annuity (known as the Total Annuity).
  • If you receive a Guaranteed Annuity, you may not have seen an immediate change in your income because your annuity terms ensure you receive the greater of your Guaranteed Annuity or Total Annuity.

The Government's Equitable Life Payment Scheme

  • 20 October 2010 – The Government announced its commitment to a transparent and fair compensation scheme for former Equitable Life planholders.
  • An Independent Commission was set up to review payment options and published its advice on 26 January 2011.
  • 16 May 2011 – ‘The Scheme Design for Parliamentary Review’ was released to Parliament, outlining how the scheme would operate.
  • Payments began at the end of June 2011, with all eligible With-Profits Annuity policyholders expected to receive their first payment by June 2012. 

For more information about the Government's Equitable Life Payment Scheme: