Pension action group to issue court claim

So-called 'trapped pensioners' with reduced pensions locked into Equitable Life are taking the insurer to court in a group action.

Equitable Life Trapped Annuitants (ELTA) said it will file a "multi-million-pound" writ in the Bristol Mercantile Court today on behalf of more than 700 pensioners.

ELTA is part of E7, which consists of the seven Equitable action groups who have all combined in their fight for government compensation.

The pensioners who are ‘trapped’ into pensions with the troubled mutual society Equitable Life have seen their pensions cut by up to 40%.

Now each of the pensioners has paid £1000 to cover barristers fees and the cost of insurance against failure of the action in the "no-win no-fee basis" action using Bristol law firm Clarke Willmott.

The lawyers have four months to prepare a case before filing the suit, an ELTA spokesman said.

Equitable, which now has new management, almost went under in 2000 after a court ordered it to honour guaranteed policies sold in the high interest-rate years of the 1970s and 1980s. Equitable Chief Executive Charles Thomson said, "Any unmerited claim served on the society will be defended vigorously in the interests of all members of the with-profits fund, whom the board has a duty to protect."


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