The Equitable's Annual Regulatory Returns, submitted each year to the regulatory authorities ( the Department of Trade and Industry-DTI ) had set out this practice since the 1993 ( when the current annuity rate first fell below the guaranteed annuity rate ).
22.
Equitable, Britain's oldest mutually owned insurance company, is saddled with liabilities of 1.5 billion pounds ( dlrs 2.2 billion ) as a result of its sale of pension policies offering guaranteed annuity payments of up to 11.5 percent.
23.
However, one substantial value of the guaranteed annuity rates was to create a "'floor pension "'( the guaranteed fund multiplied by the guaranteed annuity rate ) for the GARs which those policies without GARs ( non-GARs ) did not have.
24.
However, one substantial value of the guaranteed annuity rates was to create a "'floor pension "'( the guaranteed fund multiplied by the guaranteed annuity rate ) for the GARs which those policies without GARs ( non-GARs ) did not have.
25.
Equitable, Britain's oldest mutually owned insurance company, nearly collapsed under the weight of 1.1 billion pounds ( dlrs 1.6 billion ) in liabilities it amassed as a result of selling pension policies that guaranteed annuity payments of up to 11.5 percent.
26.
Equitable, Britain's oldest mutually owned insurance company, nearly collapsed under the weight of 1.1 billion pounds ( US $ 1.7 billion ) in liabilities it amassed as a result of selling pension policies that guaranteed annuity payments of up to 11.5 percent.
27.
Equitable, Britain's oldest mutually owned insurance company, nearly collapsed under the weight of 1.1 billion pounds ( then US $ 1.6 billion ) in liabilities it amassed as a result of selling pension policies that guaranteed annuity payments of up to 11.5 percent.
28.
Equitable, Britain's oldest mutually owned insurance company, nearly collapsed in 2000 under the weight of 1.1 billion pounds ( then $ 1.6 billion ) in liabilities it amassed as a result of selling pension policies that guaranteed annuity payments of up to 11.5 percent.
29.
At no point, however, were the GAR policyholders ever paid less per annum ( and nor was there ever any intention by the directors of Equitable Life to pay them less ) than their guaranteed fund ( i . e . excluding the non-contractual terminal bonus ) times guaranteed annuity rate.
30.
In the case, for example, of market annuity rates at age 65 being 7.1 % p . a .-not untypical of market annuity rates the time of the Hyman judgement ( as opposed to a guaranteed annuity rate at 65 of 11.72 % p . a . as stated in the GAR policy document )-a typical guaranteed fund might have been ?0, 000 and a typical terminal bonus might have been ?, 000 ( thus total pension fund of ?5, 000 = 80, 000 + 5, 000 ).
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