Equitable slashes pension fund values: Papers Tuesday 17 July

The FT leads with news that shocked Equitable Life policy holders yesterday hit out at executives of the troubled mutual after the announcement that one million customers are to have the value of their pension funds slashed by 16%. Equitable said it plans to cut the final bonuses of with profit pensions. This means that the value of a £50,000 with profit pension fund will be reduced to £42,000. All of the nationals have featured a big political feature this morning. The FT reports that Tony Blair suffered his first Commons defeat since 1997 on Monday night when backbenchers rejected t...