Equitable Life has confirmed in writing it will not impose a market value adjustment (MVA) on those ...
Equitable Life has confirmed in writing it will not impose a market value adjustment (MVA) on those policyholders transferring funds to take an annuity on the open market or start income drawdown. The group made the confirmation in a letter to retirement specialist intermediaries Wentworth Rose. Philip Rose, managing director of the firms said that Equitable's decision to remove reversionary bonuses for the period 1 January 31 July 2000 and the imposition of a 20% MVA had caused concern to those needing to start drawing an income. He added: "We have now received written confirmation th...
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