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Equitable life have entered an agreement to transfer the Society and all its policies to Reliance Life. As a result, an increase is expected to be made to their ‘with-profits’ policies. The transfer is reliant on a vote by eligible policyholders and is subject to approval of the High Court.

The vote should take place mid-2019, and if agreed, the ‘with-profits’ policies will transfer and be enhanced by the end of the year. If you’re an existing policyholder you don’t need to take any action at the moment as we will write to you when we have further information.

Equitable Life closed to new business in 2000 after promising fixed returns to ‘with-profits’ policyholders, which couldn’t be sustained, leading to large losses to policyholders’ savings.

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