Thank you very much Somerled for the very informative reply.

We all know Gordon saved the world, pity he cannot do the same for these pensioners, and other Equitable Life customers I add.

Billy Boy, Equitable Life did NOT go bust. They stopped taking on 'new business' some years ago because their projected future outgoings far outstripped their projected future income and assets (in a nutshell). Their last ten years or so of trading should have been stopped by the FSA but lapses in governmental 'due dilligence' led to many more people than necessary losing a lot of money. Equitable Life pensions are now being administered by the Prudential in most cases (I believe) at roughly 50% or less return as a pension. The whole affair is a disgrace and will forever leave a blemish on this governments 'history' for not sorting this out fairly and making sure that these people were adequately compensated. After all it was this governments fault that first allowed and then irresponsibly let this situation continue and develop! Many pensioners over many years now have been fighting for their rights only to be ignored by Gordon Brown or one of his representitives. The government was yesterday 'forced' to admit some of its failings with regard to this affair but as an average of 100 elderly pensioners PER WEEK with Equitable are now passing away, I hope and pray that one day both Gordon Brown and some of his treasury officials have to face some kind of legal charges over their gross misconduct in this matter! When we see irresponsible and greedy bankers having their jobs underwritten with billions of pounds provided by the British tax payer on the orders of our Prime Minister (because it is politically expediant to do so), yet thousands of elderly pensioners who saved hard over a number of years, treated like dirt, it really does make my blood boil!

Equitable Life.. Have I missed something?

Have I missed something with regard to pensioners who were receiving their pensions through Equitable Life and now seem to have lost it through this company going bust ?

I actually posted a question on here a while ago about pensions purchased with an annuity and what safety there was if the insurance company buying this annuity went bust. After a suggestion from a member on this site I asked both the Pension Advisory Service and the Financial Services Compensation Dept, and was assured by both that the first £2k was covered and 90% of the remainder with no limit.

If this is the case what have I missed, plus how can these people drawing their pensions be in this absolute ridiculous position.