Disaster strikes again for Equitable policyholders

Tens of thousands of with-profits annuity policyholders with Equitable Life are being sent letters telling them their income is about to be slashed by up to 20% because the society can no longer afford the payouts. This comes after a summer of rising penalties intended to stop policyholders from switching out, and nine months after the courts approved a controversial rescue plan. That plan was supposed to save Equitable Life at the cost of cutting back on guaranteed annuity rates and restricting policyholders rights to sue for compensation. Equitable Life chief executiv...