Date | Fact |
January 2020 |
All business except Irish and German policies transferred to Utmost Life and Pensions. Irish and German policies remain with Equitable Life, a subsidiary of Utmost. |
December 2019 |
Second High Court Hearing sanctioned the Scheme of Arrangement and the Transfer of all business, excluding Irish and German policies, to Utmost Life and Pensions. |
November 2019 |
The Scheme and the Change to the Articles were both passed at the Policyholders’ Meeting and Extraordinary General Meeting. |
July 2019 |
First High Court Hearing to give approval to hold Policyholders’ Meeting and Extraordinary Meeting and provide policyholders with details about the Equitable Proposal. |
June 2018 |
Announced Proposal for a Scheme of Arrangement and the transfer of Equitable Life to Utmost Life and Pensions (formerly Reliance Life). |
February 2016 |
Transfer of 31,000 Equitable Life annuity policies to Canada Life Limited completed |
April 2015 |
Increased capital distribution to 35% for with-profits policyholders. |
April 2014 |
Doubled capital distribution to 25% for with-profits policyholders. |
March 2011 |
Announced 12.5% distribution for with-profits policyholders. |
October 2010 |
Government announces details of the compensation package. |
July 2008 |
Parliamentary Ombudsman report published. Equitable Life calls for speedy compensation for policyholders. |
December 2007 |
Transfer of £1.8 billion of with-profits annuities to Prudential completed |
May 2007 |
Sale of University Life to Reliance Mutual completed. |
February 2007 |
Transfer of £4.6 billion of non-profit pension annuities to Canada Life completed. |
January 2006 |
European Parliament set up a special committee of enquiry into Equitable Life. |
July 2004 |
Parliamentary Ombudsman announces decision to conduct a further investigation into the prudential regulation of Equitable Life. |
March 2004 |
The Report of The Equitable Life Inquiry by The Right Honorable Lord Penrose |
July 2003 |
Parliamentary Ombudsman publishes report |
February 2002 |
High Court sanctioned compromise scheme which addressed the guaranteed annuity rate issue. |
August 2001 |
Lord Penrose appointed by HM Treasury to investigate the history of Equitable’s problems. |
December 2000 |
The Society closes to new business. |
July 2000 |
House of Lords rules against differential final bonus and against 'ring-fencing'. 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. |
1990 |
About 1.5million policies in force |
1913 |
Society started to sell pensions. |
1893 |
Society incorporated under the Companies Act as 'The Equitable Life Assurance Society.' |
1810 |
Membership approached 10,000. Notable policyholders were Samuel Taylor Coleridge, William Wilberforce, Sir Walter Scott. |
1799 |
5,000 policies in force totalling £4million. |
1762 |
Equitable Life Assurance Society was founded. |