The company says any policyholder who invested �10,000 into Equitable 15 years ago would now have savings worth a modest �14,000. By taking the one-off bonus this would rise to �16,000.
Equitable says it expects to pay out �40m to 30,000 policyholders during the first year, but in reality many more are likely to take advantage of the offer, having been trapped in their low-paying investments for many years.
Whilst this is good news for some people, it serves to remind us of those who were not so lucky.
Paul Weir, of the Equitable Members Action Group (Emag), said the money is a "drop in the ocean compared to the �6bn people have lost over the past two decades". The bonus has also come too late for the thousands of Equitable policyholders who have already died.
Let's just hope ministers and regulators prevent anything like this ever happening again.
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