As far as I can remember not just the employees, a lot of people had pensions invested in PMPA, it was more than a motor insurance company, it caused a hugh backlash forcing legislations which is probably what we have today. I don't know what sort of scheme they had.
How safe are pensions provided by Irish life companies?
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Brendan Burgess
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No. Equitable Life did not go bust as such.
Equitable Life had commitments to pay very high guaranteed pensions and other products.
They could not make these high payments, so they had to adjust them.
A lot of people lost out. But they lost out on the difference between a very high pension and a good pension.
Brendan
Equitable Life had commitments to pay very high guaranteed pensions and other products.
They could not make these high payments, so they had to adjust them.
A lot of people lost out. But they lost out on the difference between a very high pension and a good pension.
Brendan