An icy day at Wembley for Equitable Life investors

THEY faced stricken Underground lines, traffic jams and freezing fog - but hundreds of Equitable Life policyholders battled their way to Wembley, northwest London, to have a say on the future of their pension savings.

Millionaire barristers, retired teachers, members in their forties and in their nineties - they all turned out on Friday to cast their vote on the scheme to rescue the ailing insurer from possible insolvency.

Equitable Life, which has spent £30 million on its survival plan, was prepared for hostilities. Wembley's 4,000-seat Conference Centre crawled with security guards more used to dealing with football hooligans than pensioners from the Home Counties. The police even sent a marked car to cruise the adjoining car park.

But Chairman Vanni Treves, who has masterminded the bail-out, faced less opposition than he might have expected. The prevailing mood was one of subdued resignation, as if they were attending the funeral of a oncedear friend. Whichever way policyholders were going to vote, they would do so reluctantly.

Robin Firman, 50, a musician from Beaconsfield, Buckinghamshire, said: 'I'll vote a reluctant yes - there is little choice.' His £100,000 pension fund has guaranteed annuity rates (GARS), and he must forgo a higher retirement income in exchange for a oneoff 17.5% boost to his fund.

Retired teacher Pat Harrow, 54, of Kirriemuir, Angus, voted yes on behalf of husband Ronald. He has a £90,000 non-GAR fund, and if the deal goes through he will get a 2.5% boost for waiving rights to sue Equitable.

Treves did not have it all his own way. One policyholder took him to task for the inefficient service to investors who have waited for months to quit the mutual. Treves said: 'I say sorry, now, formally.'

But most of the rage and bitterness over the Equitable debacle as it unfolded last year seemed to have long dissipated. Questions were less about attaching blame than about the uncertain future of the £20 billion with-profits fund and the potential penalties applying to those wanting to get their money out. Treves would not say whether those penalties would increase above 10% in the near future.

A Financial Mail straw-poll of voters leaving the conference centre suggested that most intend to withdraw their money whether or not the survival scheme goes through. The result of the vote will not be known until the end of the month.

Fury as Equitable gives some a less painful exit ahead of vote