Guaranteed annuity rates - judgment for Equitable Life

By Alison Matthews

On September 9 1999, vice-chancellor Sir Richard Scott gave his crucial ruling in The Equitable Life Assurance Society v Hyman (The Times, October 12 1999). He upheld Equitable Life‘s decision to award reduced final bonuses to with-profits policyholders whose policies contain guaranteed annuity rates (GARs) and who choose to take their benefits in guaranteed form.