Equitable Life Assurance Society v Hyman: CA 21 Jan 2000

The life company had granted policies to members which had guaranteed certain standards of bonuses. The level of reward became unsupportable and the company imposed terms restricting returns on retirement policies where policy holders sought to purchase annuities outside the society.
Held: The absolute discretion given to the company’s directors did not extend to allowing them to make such a distinction, even though the terminal bonuses had not been guaranteed.

Citations:

Times 26-Jan-2000, Gazette 03-Feb-2000, [2000] EWCA Civ 5

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal fromThe Equitable Life Assurance Society v Hyman ChD 9-Sep-1999
Where a mutual life assurance company had allowed some members to acquire reasonable expectations that they would receive certain benefits under their policies, such expectations fell short of a contractual right, and where necessary, the trustees . .

Cited by:

At CAEquitable Life Assurance Society v Hyman HL 20-Jul-2000
The directors of the Society had calculated the final bonuses to be allocated to policyholders in a manner which was found to be contrary to the terms of the policy. The language of the article conferring the power to declare such bonuses contained . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Trusts

Updated: 31 May 2022; Ref: scu.147038