History and Facts

DateFact
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.