Fast Facts

Date	Event
27 March 2008	Equitable Life’s Preliminary Results Announcement for the year ended 31 December 2007
2 January 2008	Transfer of with-profits annuities completes
4 December 2007	Court approvals for transfer of with-profits annuity policies to Prudential completed
26 October 2007	Equitable Life’s members approve the transfer of with-profits annuities to Prudential at an EGM.
28 September 2007	Equitable Life seeks policyholders' approval for transfer of with-profits annuities to Prudential.
6 August 2007	Subordinate Bonds redeemed.
20 June 2007	Equitable Life announces intention to redeem Subordinated Bonds issued by Equitable life Finance plc.
1 June 2007	Sale of University Life to Reliance Mutual completed.
15 March 2007	Equitable Life announces agreement to transfer £1.8 billion of with-profits annuity policies to Prudential.
12 February 2007	Transfer of £4.6 billion of non-profit pension annuities to Canada Life completed.
20 December 2006	Equitable Life announces agreement to sell University Life to Reliance Mutual.
23 November 2006	Second Presentation by Charles Thomson, Chief Executive of Equitable Life, to the European Parliament’s Committee of Inquiry.
11 May 2006	Equitable Life agrees to transfer £4.6 billion of non-profit pension annuities to Canada Life.
25 April 2006	Presentation by Charles Thomson, Chief Executive of Equitable Life, to the European Parliament’s Committee of Inquiry.
24 February 2006	Parliamentary Ombudsman writes to Members of Parliament regarding the timetable for her report into the regulation of Equitable Life
2 December 2005	Equitable Life settled claim against former directors.
22 September 2005	Equitable Life settled claim against former auditors, Ernest & Young.
11 April 2005	Trial of Equitable Life's claims against the former directors and former auditors, Ernest & Young commenced.
23 December 2004	Successful buy back of £179,121,000 undated subordinated guaranteed bonds of Equitable Life Finance PLC
4 November 2004	Equitable invites offers to sell bonds up to an aggregate value of £260 million
27 September 2004	Equitable Life announces half-year results to 30 June 2004
22 September 2004	Ernst & Young fail to strike out expert evidence
2 August 2004	Institute of Actuaries announce that separate charges of misconduct have been referred to a disciplinary tribunal against Headdon, Nash, Ranson and Sherlock over part or all of the period 1988-2000.
22 July 2004	Cabinet Office announced Parliamentary Ombudsman's jurisdiction would be extended to include the Government Actuary's Department.
19 July 2004	Parliamentary Ombudsman announces decision to conduct a further investigation into the prudential regulation of Equitable Life
5 July 2004	FSA and FOS set out consultation proposals designed to achieve greater clarity in the handling of complaints to the ombudsman service
2 July 2004	FSA concluded that generic claims against Equitable Life regarding its basis for allocating bonuses during the 1990s are unlikely to succeed
3 June 2004	FSA banned Chris Headdon, former Appointed Actuary and then CEO from performing such a role until May 2010.
19 May 2004	Equitable Annual General Meeting held at Central Hall Westminster
30 April 2004	Principles and Practices of Financial Management published
19 April 2004	Annual Report and Accounts to 31 December 2003 published
19 April 2004	Notice of Annual General Meeting 2004 sent to Members
19 April 2004	Equitable Life Board receives “unequivocal” legal advice - “No realistic claims against regulators”
19 April 2004	Letter from Herbert Smith, Possible Claims by the Society and Policyholders against Regulators
15 April 2004	Statement issued by FSA on former director Roy Ranson
5 April 2004	Cabinet office announce investigation whether powers of the FOS should be curbed
31 March 2004	Equitable Life Finance plc Year End Results to 31 December 2003
31 March 2004	Preliminary Year End Results to 31 December 2003
31 March 2004	FSA Returns to 31 December 2003
8 March 2004	The Report of The Equitable Life Inquiry by The Right Honorable Lord Penrose
31 December 2003	Sir Philip Otton retires from the board.
23 December 2003	Penrose reports to Treasury.
November 2003	New rectification scheme launched to members.
17 October 2003	The application by nine former non-executive directors of Equitable Life to have the claims against them struck out was rejected by the High Court. The former directors failed in their submission to the Court that Equitable Life's claims against them had no real prospects of success.
25 July 2003	Equitable Life wins appeal over Ernst & Young's strikeout application from February 2003; judgement overturns Mr Justice Langley's decision. The claim for up to £2.6bn can now proceed to trial.
1 July 2003	Parliamentary Ombudsman publishes report
June 2003	Launch of review of complaints by former non GAR policyholders.
10 February 2003	Mr Justice Langley struck out parts of Equitable's claim against E & Y and asked for new figures to be submitted for the remaining part.
July 2002	Maturity adjustments UK pension policies increased to 10% (9% for UK policies). For more information please click here.
24 April 2002	Society announces decision to take legal action against 15 former directors for up to £3.3bn. The directors served on previous boards during the period when the differential final bonus practice was in force.
15 April 2002	Society announces decision to take legal action against the Society's then auditors Ernst & Young for up to £2.6bn.
April 2002	Maturity adjustments introduced. Pension policies reduced on maturity by 4%. For more information please click here.
8 February 2002	High Court sanctioned compromise scheme.
January 2002	Members voted overwhelmingly in favour of compromise scheme.
6 December 2001	Launch of compromise scheme.
October 2001	Baird report on FSA handling of Equitable published.
September 2001	New board consulted with members on a compromise scheme to restore stability of the Society.
August 2001	Lord Penrose appointed to investigate the history of Equitable’s problems by HM Treasury.
July 2001	Policy value reductions announced. Pension policy values reduced by 16% as at 31 December 2000 (14% for life assurance policies).
March 2001	The New Board was appointed led by Vanni Treves, Chairman and Charles Thomson, Chief Executive.
March 2001	Halifax deal becomes effective, Equitable receives £500m.
February 2001	Halifax deal signed.
February 2001	The Board resigns.
20 December 2000	Board announces that it will resign when replacements are found.
8 December 2000	Chris Headdon replaces Alan Nash as CEO.
8 December 2000	The Society closes to new business.
July 2000	House of Lords rules against differential final bonus and against ‘ring-fencing’.
July 2000	The House of Lords ruled that the Society’s approach was inappropriate. The Board decided that it was in the best interests of members to put the society up for sale.
January 2000	Court of Appeal rules against the differential final bonus practice.
September 1999	High Court approves the differential final bonus practice.
January 1999	Equitable initiates the court case to validate the differential final bonus practice.
1994	Introduction of the Society's differential final bonus practice for policies with Guaranteed Annuity Rates.
1990	During the 1990s Equitable Life became one of the most successful life offices in the industry – developed market leading personal pension and additional voluntary contribution plans operating at one of the lowest expense ratios in the industry.
1980	During the 1980s there was rapid growth.
1957	Built a reputation for innovation and launched Retirement Annuity - a flexible pension for the self employed.
1913	Society started to sell pensions.
1893	Society lifted restrictions, modernised and incorporated under the Companies Act as ‘The Equitable Life Assurance Society.’
1892	The last surviving member dies of those who had introduced the restrictions on memberships in 1816.
1870	Legislation was introduced requiring all life offices to publish financial data on the lines so long followed by the Equitable.
1816	Introduced a waiting period for new members and a requirement that new assurances had no right to membership or bonus until they had come within the oldest 5000 policies.
1810	Membership approached 10,000 (notable policyholders were Samuel Taylor Coleridge, William Wilberforce, Sir Walter Scott).
1799	5000 policies in force totalling £4million.
1781	Another reduction followed and a regular system of bonuses was developed.
1777	The Society reduced all premiums by 10%.
1762	Equitable Life Assurance Society was founded.