Equitable Life to shut down with surprise £1.8bn policyholder windfall
(The Guardian Money News)

Scandal-hit pension company to pay out £6,900 to each of 261,000 existing customers, but 800,000 former policyholders will receive nothingEquitable Life, the scandal-hit pension company that came close to collapse in 2000, is finally shutting down with a surprise £6,900-a-head windfall for the last remaining policyholders.Around 261,000 people will share in a £1.8bn payout after Equitable said it would transfer its business to a separate insurer, Reliance Life, and unlock the capital tied up in funds. Continue reading...