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Home Living In Crete Pensions and #Retirement Living #UK_Pensions Update for #Brits in #Crete

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        • Practcally Cretan
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        #UK_Pensions News for #Brits in #Crete  –
        1. Final Salary Scheme Closures and
        2. Equitable Life Payments Update

        1. More #Final_Salary_Scheme Closures

        I thought you may be interested to be updated on moves by UK firms listed below of the closure of their Final Salary Schemes in case you or someone you know may be affected.

        The current Final Salary Scheme closure list includes:
        DMGT (the publisher of the Daily Mail),
        Severn Trent,
        Thomas Cook,
        UK Coal and 

        2. #Equitable_Life Policy Holders Update

        At long last compensation payments to Equitable Life policyholders are due to start from the end of June 2011.

        The Equitable Life Payment Scheme, set up by the Government, is being managed by the National Savings Office.

        The payments structure: £775m will be paid to around 945,000 policyholders, with a further £620m shared among 37,000 with-profits annuity beneficiaries.

        The compensation payments will be spread over five years, with £1bn paid by 2014. 

        The oldest policyholders will be paid first.

        Policyholders who are due to receive compensation will receive letters telling them approximately how much they will get, and when, (at latest) before June 2012.

        Go here for more on Equitable Life.

        The above information taken from the latest Pensions Advisory Service  newsletter by e-mail (free)

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