Jump to content
House Price Crash Forum
Sign in to follow this  
bpw

Is Britains Establishment Rotten To The Core?

Recommended Posts

I lost a lot of money in Equitable Life. It made me realise how pensioners will behave like pigs when faced with the opportunity of feeding off their young. Here is what most of you don't realise:

In a nutshell: life assurance societies wrote policies in the 1970s and 80s that guaranteed annuity rates (GARs) that were unsustainable (16% was not uncommon). These policies matured in the 90s and a small group of pensioners started legal proceedings against Equitable Life in order to force them to pay out the full annuity rate. The snag was that the fund for these GAR policies were deliberately mixed up with non-GARs in the 90s and 2000s. Equitable argued that because the two classes of policy were pooled that the funds should be allocated on the basis of policyholders reasonable expectation (PRE) and not the guarantee. This approach was endorsed by the government and the FSA. As a result the fund with 90,000 GAR was expanded with the savings of 450,000 non-GARs. Can you spot the game?

Two High Court Rulings ruled in favor of the idea that PRE should trump the guarantee. This was also approved by Auditors and the FSA: it allowed Equitable to sell policies to people like me without telling me I was being used as a cash cow if the ruling was reversed. This was always know by the authorities - they did nothing to stop the same practice from being repeated across the Life Assurance industry.

However, a third high court ruled in favor of the GAR action. AT THIS POINT MPs STARTED TO REALISE THERE WAS A RISK OF EQUITABLE LOOSING ITS CASE. This was a major problem for MPs whose pensions we in Equitable Life. Mysteriously, the MP pension fund was moved to another life assurance company. I have a letter from Equitable Life confirming this.

At this point the action group sought to take the case to the House of Lords. It is a matter of record that one Law Lord had a GAR policy at Equitable and the other two refused to say. In law it's it illegal for a judge to preside when there is possibility of bias. And yet this is exactly what happened. The Lords voted for the GAR to trump the PRE. The scene was set for Non-GARs to be forced to pay for GARs grotesque annuity rates.

MPs at this point are out of Equitable Life. Lying pigs?

The snag was that the fund was already paying out excessive bonuses to to pensioners. It couldn't pay the GARS in full, so the GARs voted to rape non-GARs in an attempt to partially fund their grotesque demands.

GUESS WHO ALSO HAD A PENSION FUND AT EQUITABLE LIFE???? THE BBC

John Humphries is a lying pig..... he repeatedly refused to present the case of non-GARs as did others at the BEEB. MPs LIED too.

Eventually it took the European Court to reveal the scale of the lies by Britain's Politicians and Legal establishment.

This story provides proof of how corrupt Britain is - a nation led by second rate cheats and liars. The proof is all over your press and here is the proof of the points I made above:

EU Court LINK

EU court ruling LINK

Scale and impact of lies LINK

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.