Blackstone's Dinah Rose QC strikes another blow to Government on Equitable case

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Readers' comments (10)

  • I get a bit fed up with people who expect the taxpayer to bale everyone out. If they chose a bum steer for their pension arrangements, tough.

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  • If the FSA had done its job, nobody would have "chosen a bum steer". Not sure why the government agencies should be able to sit back on their pensions, funded by the taxpayers whose interests they were being paid to look after, and disown their own negligence.

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  • Anonymous 16 Oct.
    I paid into my pension and savings with ELAS in good faith,as advised by Goverment.How was I supposed to know that it was run a**e holes,and was being regulated by fools?.I demand redress for my losses.

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  • Anonymous has missed the point. Government regulation is the issue. It clearly failed in this case, leaving many Equitable Life pensioners like me with less that half the pension they were entitled to expect. Last week's ruling should ensure that those who were ignored in the initial Government response, should now be compensated. Equitable Life was regarded as one of the most respected pension providers when I started my pension plan. Anonymous seems to assume that those who chose Equitable were reckless. Perhaps he thinks all those who banked with some of the most respected banks in the Country were also reckless. The Government has accepted its responsibility in their case. Why not with Equitable Life? Regulatory failure in our case goes back to 1991 and, so far, we have received nothing but a mealy mouthed apology from Yvette Cooper. Anonymous - I certainly do find your comment offensive but hope you will give the Equitable Life victims some respect for their hard fought campaign for justice.

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  • Dear anonymous, what a wonderfully simple mind you have. If only everything was that black and white. I bet you are outrageously successful with such a complex and thoughtful mind. I wonder how you would feel if it were your pension fund. I would expect that you are either a government employee who is protected no matter what or else have never had the sense to set up a private pension of your own. For your information I did not pick a bum steer, I was misled and allowed to be by those who are set up to protect me. I would suggest you go and watch Noddy in Toyland and leave serious issues to those who have the ability to deal with them.

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  • Equitable Life were getting business by giving "bonuses" when the underlying investments were not producing the results. The government inspectors should have spotted this . That is their job.When I retired in 1996 this was already known. If I had known this I would have made very different decisions. I would have bought an annuity instead of leving the money in Equitable Life.Also I would not have transfeered another pension fund to them. The government let us all down.

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  • Being "fed up" is a personal problem.
    The whole country found, and allowed a "bum steer" to run amock when Mr Brown choose to remove £10 Billion or more from private pension funds. That was a situation - now we have a problem!

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  • My wife and I both put our pension money into annuities with Equitable and were misled by the sales woman.
    These pensions have about halved in real tersm and the Prudential who now handle them say they are going to be reduced further until 2011. We both were amongst the 2000 cases of equitable members who Ombudsman reviewed and were sent her full report I am 81 now and we need this matter to be settled quickly.

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  • My parents worked hard all their lives and saved diligently for their old age, entrusting their pension to Equitable Life who, as said above, were one of the most respected providers. My father died last year having had his pension halved and my mother is now has a greatly reduced pension, constantly worried about having enough to manage, and will probably also lose out on any increase which would have been due on my father's pension. As always, it is those who are prudent who are punished for those who are reckless. "Live for today and someone else will look after tomorrow" seems to be the overriding motto in the current world we live in.

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  • Contrary to what they say this Government will ensure that the process is further delayed by which time even more pensioners will have died.
    Can't they see that there is a solution for all affected pensioners without a large capital cost to the taxpayer at this difficult time. Simply assess the annual loss and pay it to pensioners by way of top-up to their State pension.

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