Did I read the latest missive correctly.
I take it from April 2003 my AVC will buy 15% less.
So lets get this right. I join AVC and I loose 15% transfering out of Equitable Life because it looks like it will default. I now loose an additional 15% because of these new actuarial factors. If I transfered to Friends Provident I loose an additional 20% if I retire early.
Surely there is some element of misselling in all of this. I don't ever remember being warned about these potential reductions.