£1bn for Equitable

Equitable Life's sales force will have to generate sales in excess of £1bn over the 24 months to December 2004 if the company is to receive its full £1bn payout from Halifax. Halifax agreed to purchase the mutual's operating and asset management arms for an initial £500m payout aimed at shoring up its business, including the with-profits fund, and a further £500m contingent on Equitable meeting sales figures and finding a solution to its guaranteed annuity rate (GAR) liabilities. The £250m payable on a performance related basis is broken down into £200m for equivalent premium inco...