In 2008, Prudential announced on behalf of Equitable Life that a Special Bonus of 3.01% had been awarded.
The Special Bonus had arisen because the amount transferred to Prudential in respect of the transferring With-Profits Annuities was greater than the minimum amount required to fund these annuities. Therefore the difference was distributed by means of a Special Bonus which was used to increase the non-guaranteed part of those annuities (known as the Total Annuity).
Please note that if we were paying you a Guaranteed Annuity, then you may not have seen an immediate change in your gross annual income; this is because the terms of your annuity stated that we must pay the greater of your Guaranteed Annuity and the Total Annuity.
In this area you will find information on the transfer in 2007 and special bonus payment in 2008.
Information about the completed Transfer of Equitable Life With-Profits Annuity business to Prudential.