| Product: |
The Equitable Life |
| Date: |
10/12/00 (189 review reads) |
| Rating: |
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Advantages: Great performance, low fees
Disadvantages: Closed to new business
I have always been a great fan of Eq Life for Pensions, Life cover and investments.
Their products have in the past produced great returns and the charges are very low. I have had a Personal Pension, life cover and critical illness cover with Eq lIfe, and recommended many of my friends for similar products.
Unlike IFA's, who take a wacking great charge when you start a pension or when you change you contribution levels, Eq Life have no commissions and transparent and low charges.
However, now they have closed for new business due to the weakness of their life fund (all their other funds are fine!), so if you are looking for a new pension you cannot use them.
If you are thinking of taking a pension now, I would hold off until April, when all the big companies will be forced to offer cheap stakeholder pensions. Then go with a strong mutual like Stanadard Life.
The other alternative is to use Virgin, who are also very good.
It is a shame about Eq Life however - in the past I would always recommend them to anyone.
UPDATE - since I wrote this Eq Life are imposing heavy penalties (22%) for people who quit the life fund. Personally I am going to stay put and not transfer my funds because 1. My fund is relatively small 2. I do not want to lose the exit charge and have to pay an IFA to choose another pension fund. If in doubt though I suggest people take advise from a suitably qualified advisor, as these things are pretty complicated.
Summary:
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Last comments:
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- 15/06/02 They were money-grabbers making offers they couldn't afford to honour, and then forcing their *mutual* members to take them to court, all the way to the Court of Appeal, just to pay out what those members had subscribed to. I find it hard to believe that you wrote such a positive opinion even after all that hit the headlines, hence the not useful. |
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- 25/09/01 Sorry to have given an SU but I didn't really feel that you've told us a great deal about the Equitable - either before or after their problems. If there is an after! Sue :O} |
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- 10/12/00 I've always found them to offer a very professional service at a reasonable cost. It's a shame they had to go this way. |
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