AEEU gives staff compensation after Equitable Life debacle

The
Amalgamated Engineering and Electrical Union is set to become the first
employer to compensate staff who incurred losses as a result of the Equitable
Life affair.

The
AEEU has said that around 70 employees lost out because of the additional
voluntary contributions scheme which was run by Equitable.

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Those
eligible will be paid between £2,000 and £3,000 each and it will then be
offered to them on retirement.

The
losses were forced upon policyholders when Equitable  Life cut the value of pension funds by 16 per cent and the
Financial Times reports that any uplift due after the compromise deal will be
deducted.