UK - J. Sainbury's Pension Fund is considering a complete buy out of Equitable Life AVC funds of more than 2500 of its members.
Sainsbury said trustees have experienced difficulties obtaining payment from Equitable Life on individual AVCs.
J. Sainsbury’s pensions manager Geof Pearson said: “Equitable Life apologised at last month’s AGM, but because of the amount of enquiries they are receiving, their administration is not coping at an efficient service level and we are finding the delays unacceptable.”
Sainsbury has commissioned a report to help its Equitable Life members appraise the situation.
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