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Crucial vote to save Life.

TROUBLED mutual Equitable Life today sent out voting forms for the compromise deal it hopes will end its pounds 1.06 bn pensions liability and stop members sueing it.

The Life assurer warned that if the deal was not accepted the future for the society would be "very bleak".

Under the deal, which is broadly similar to the draft proposal given to members in September, Guaranteed Annuity Rate policyholders (GARs) will get an average 17.5% increase in their policy value in exchange for giving up their right to guaranteed pension rates.
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Publication:Liverpool Echo (Liverpool, England)
Date:Dec 6, 2001
Words:92
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