Equitable Life has decided not to appeal against the House of Lords' ruling over its payments to guaranteed annuity rate (GAR) policyholders.
Nicholas Warren QC, who had been appointed by the society to investigate the possibility of appealing, said that the House of Lords’ decision cannot be challenged and that it does not exempt non-GAR policyholders from asserting against Equitable any contractual or other claims as they can establish. Equitable has asked Warren to do further work to investigate the strength of any potential claims non-GAR policyholders may have.
Equitable Life closed to new business in December last year and its non with-profit and unit-linked business was bought by the Halifax Group in February this year.
By Janet Du Chenne
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