Equitable Life Managed Pension Fund, GB0003210910:GBP historical prices (2024)

FAQs

What happened to Equitable Life Pension? ›

After closing to new business in 2000, parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020.

The Equitable Life Payment Scheme was set up by the government to make payments to Equitable Life policyholders who had a loss on their investments due to government maladministration between 1992 to 2000.

We appreciate your interest in the Member Retirement Program. One of our retirement plan specialists will reach out to you shortly to discuss the program and its many benefits. If you'd like to speak someone right away, call (800) 523-1125.

Key Takeaways. Traditional defined-benefit pension plans are vanishing from the retirement landscape, especially among private employers, but many still exist. Pension plans are funded by contributions from employers and occasionally from employees.

The loss cost Equitable an estimated £1.5 billion (others argued it was considerably more). To fund the loss, Equitable's managers tried to restructure and sell the business, but could not find a buyer. It therefore closed to new business on 8 December 2000.

Tax-deferred investments

You may receive a tax deduction when contributions are made, and the assets grow tax-deferred, but are subject to ordinary income tax when withdrawals are made at retirement. There is also a possible 10% IRS penalty on any withdrawals before owners turn age 59½.

In 1991, French insurance firm AXA acquired majority control of The Equitable. Equitable Holdings, Inc. In 2004, the company officially changed its name to AXA Equitable Life Insurance Company. By 2018, the company had over 15,800 agents licensed by the State of California.

“Companies started moving away from pension programs in the 1980s, mainly due to the high costs and because it is simply unpredictable to know how long the company will need to make payments to each retiree,” said Michael Arvay, founder and CEO of Marvelous Retirement Planners in Toledo, Ohio, in an email.

We are today pleased to announce that Phoenix Group has acquired AXA Wealth's pensions and protection businesses and welcome the new customers to Phoenix.

On 1 January 2020, Equitable Life policies transferred to Utmost Life and Pensions, with the exception of Irish and German policies. The Irish and German policies remain with Equitable Life which in turn became a wholly owned subsidiary of Utmost Life and Pensions.