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What is Equitable Life?

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Quick Answer

Equitable Life is a mutual life assurance company based in the United Kingdom that specializes in investments, savings and pensions. The company was closed to new business in 2000 after losing £1.5 billion in a court case that lost its policyholders about £4.3 billion.

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Full Answer

Her Majesty's government set up the Equitable Life Payment Scheme to compensate policyholders who lost their pensions when the company collapsed. The scheme is expected to pay close to £1 billion by the time it closes in March 2014. As of December 2013, Equitable Life was still operational with over 500,000 policyholders and £8 billion in funds under management.

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