natgillin/translations-raw huggingface dataset:
Družba Equitable Life Assurance Society je bila ustanovljena leta 1762 kot prva družba za vzajemno življenjsko zavarovanje in je še vedno najstarejša tovrstna družba v Združenem kraljestvu.
In 1762, the Equitable Life Assurance Society was created as the first mutual life assurance company and is still the oldest mutual life assurance company in the UK.
V naslednjih 200 letih se je uveljavila kot ugleden in zaupanja vreden ponudnik pokojninskega zavarovanja.
For the next 200 years, it established itself as a reputable and trusted provider of pension products.
Njej uspeh temelji deloma na njenem ugledu, strategiji, da zavarovalnim zastopnikom in neodvisnim svetovalcem ne izplačuje provizij, in taktiki, da so njene rezerve vedno nizke ter da svojim članom izplačuje več denarja kot druge družbe.
Its success is partly based on its reputation, its strategy of paying no commissions to insurance agents or independent advisers and its tactic of always keeping reserves low and returning to its members more money than other companies.
V petdesetih letih 20. stoletja je družba začela skupaj z drugimi pokojninskimi zavarovanji prodajati zavarovalne police z zajamčenimi rentami
During the 1950s, Equitable began selling so-called GAR
Za obrazložitev tehnične terminologije glej glosar v prilogi. .
See Glossary in Annex for explanation of technical terminology. (“guaranteed annuity rate”) policies alongside its other pension products.
Zajamčene rente zavarovancem zagotavljajo minimalno letno rento, ko se upokojijo.
GARs guarantee investors a minimum annuity rate when they retire.
Težave družbe so se najverjetneje začele tu: zagotovljena življenjska pokojnina pomeni predvidevanje dolžine življenja in stopnje obrestnih mer do 40 let v prihodnost.
It can be argued that the company's troubles start here: a guaranteed pension for life means predicting how long people will live and the level of interest rates for up to 40 years into the future.
Družba je napačno predvidela podaljšanje pričakovane življenjske dobe splošne populacije in zgodovinsko znižanje obrestnih mer, zato so se težave začele takoj, ko je bila uvedena zajamčena renta, družba pa je celotno obdobje vzdrževala nizke rezerve za zajamčene rente in tako povzročila vse večje pomanjkanje sredstev.
Equitable did not correctly predict the increase in life expectancy of the general population nor the historical fall in interest rates; thus, a time-bomb started ticking the moment GARs were introduced, with the firm consistently under-reserving for the guaranteed annuities throughout the whole period and creating an ever-increasing asset shortfall.
Kljub obdobju hitre rasti v devetdesetih letih 20. stoletja zaradi dolgega obdobja splošne rasti tečajev, ko so se obrestne mere začele zmanjševati, je postalo zelo drago za družbo ELAS, da bi spoštovala določbe zavarovalnih polic.
Despite experiencing a period of rapid growth in the 1990's based on the long bull market of that decade, as interest rates begin to fall it became increasingly expensive for ELS to honour its policies.
V tem obdobju je uprava družbe ELAS še naprej pripravljala inovativne produkte, ki so privabljali nove zavarovance, in sicer novo vrsto sklada za življenjsko zavarovanje s klavzulo o soudeležbi pri dobičku zavarovalnice, kjer je del prejemkov zagotovljen, končni bonus pa je odvisen od prihodnje uspešnosti trga.
Throughout this period, the ELS management still continued to devise innovative products that continued to attract new policyholders, most notably a new type of with-profits fund, where part of the benefits are guaranteed but the final bonus depends on future market performance.
Ko se je širjenje ustavilo, je podjetje ugotovilo obseg pomanjkanja sredstev in se odločilo, da novim upokojencem izplača manjši znesek od zagotovljenega: leta 1994 je družba ELAS objavila namero, da bo zmanjšala vrednost končnih bonusov, ki jih je plačevala 90 000 zavarovancem s policami z zajamčenimi rentami, nekaj oškodovanih zavarovancev pa se je takoj odločilo za tožbo.
However, as the expansion stopped, the firm realized the extent of its asset shortfall and decided to pay newly retired people less than the guaranteed amount: in 1994, ELS announced plans to cut the size of the final bonuses paid to its 90,000 GAR policyholders, which was immediately challenged in court by some of the policyholders affected.
Hkrati so mediji začeli natančno preiskovati poslovanje sklada za življenjsko zavarovanje s klavzulo o soudeležbi pri dobičku zavarovalnic.
At the same time, the Society's with-profits business came under close scrutiny in the press.
Po dolgi tožbi s pritožbami obeh strani je zgornji dom britanskega parlamenta leta 2000 odločil, da je bil pristop družbe ELAS neustrezen in da mora izpolniti obveznosti do zavarovancev s policami z zajamčenimi rentami.
After a long legal battle, with subsequent appeals from both sides, the UK House of Lords ruled in 2000 that the Society's approach was inappropriate and that it must meet its obligations to its GAR policyholders.
Zaradi tega se je že obstoječi položaj pomanjkanja sredstev še poslabšal (1,5 milijarde funtov) in družba se je odločila za prodajo.
As a result, the already existing asset shortfall situation worsened (£1.5 billion) and the company decided to put itself up for sale.
Vendar so se prvi potencialni kupci v zadnjem trenutku umaknili.
However, initial potential purchasers withdrew at the last minute.
Družba ELAS je 8. decembra 2000 ustavila poslovanje, imenovan pa je bil nov upravni odbor.
On 8 December 2000 the Society closed its doors to new business and a new Board was appointed.
Leta 2001 je nov upravni odbor odpravil začasne bonuse, vrednost vseh pokojninskih polic (4 milijarde funtov) pa se je zmanjšala za 16 % (14 % za police življenjskega zavarovanja).
In 2001, the new Board cancelled interim bonuses and cut all (£4 billion) pension policy values by 16% (14% for life policies).
Pred koncem leta 2001 je nov upravni odbor zavarovancem predlagal kompromisno shemo, pri čemer bi police z zajamčeno rento spremenili v police brez zajamčene rente, to pa je višje sodišče Združenega kraljestva sankcioniralo 8. februarja 2002.
Before the end of 2001, the new Board further proposed a compromise scheme to policyholders to change the status of GAR and non-GAR investments, a scheme which was sanctioned by the UK High Court on 8 February 2002.
Glede na vse te dogodke se je v Združenem kraljestvu druga za drugo začelo več preiskav: marec 2001: ožji odbor Ministrstva za gospodarstvo in finančne zadeve spodnjega doma britanskega parlamenta je objavil vmesno poročilo o družbi Equitable Life in sektorju življenjskih zavarovanj. avgusta 2001 je lord Penrose začel obširno preiskavo; september 2001: objava Corleyevega poročila o družbi Equitable Life; oktober 2001: objava Bairdovega poročila o regulativnem ravnanju družbe Equitable Life.
In the face of all these developments, several investigations at the UK level started one after the other: in March 2001 the House of Commons Treasury Select Committee published its 'Equitable Life and the Life Assurance Industry: an Interim Report'; in August 2001 Lord Penrose started his wide-ranging investigation; in September 2001 the Corley Report into Equitable Life was published; in October 2001 the Baird Report into regulatory handling of Equitable Life was published.
Družba ELAS je aprila 2002 poskusila tožiti nekdanjo revizorsko družbo Ernst & Young in 15 nekdanjih direktorjev, vendar je bila na koncu neuspešna.
In April 2002 the Society tried to sue its former auditor, Ernst & Young, and 15 former directors but the action was ultimately unsuccessful.
Parlamentarna varuhinja človekovih pravic Združenega kraljestva je junija 2003 izdala poročilo, ki je zakonodajalce odvezovalo krivde slabega upravljanja.
In June 2003, the UK parliamentary Ombudsman issued a report finding prudential regulators not guilty of maladministration.
Marca 2004 je bilo objavljeno poročilo lorda Penrosa.
In March 2004, the Penrose report was published.
Poročilo navaja, da je za krizo odgovorna uprava družbe ELAS in ne zakonodajalci, čeprav je bilo ugotovljenih nekaj resnih regulativnih napak pri nadzoru družbe.
It stated in essence that, despite having identified some serious regulatory failings in the way the firm was supervised, the balance of blame lay more with ELS' management than with the regulators.
Pozneje tega leta je Odbor za peticije Evropskega parlamenta prejel prve peticije v zvezi s to zadevo.
Later the same year, the first petitions on the case reached the European Parliament's Committee on Petitions.
Vlagatelji peticij so trdili, da zakonodajalci Združenega kraljestva niso ustrezno nadzorovali družbe ELAS pri izpolnjevanju regulativnih finančnih zahtev in da so z ukrepi ter opustitvijo ukrepov nekdanjih zakonodajalcev kršili zakonodajo Združenega kraljestva in ustrezne direktive EU o življenjskem zavarovanju.
The petitioners argued that UK regulators failed to supervise adequately the Society's ability to meet its regulatory financial requirements and that the actions and omissions of the past regulators were in breach of UK rules and the corresponding EU life insurance Directives.
Parlament je 18. januarja 2006 ustanovil preiskovalni odbor o krizi družbe Equitable Life Assurance Society, ki je imel ustanovno sejo 2. februarja 2006.
On 18 January 2006, Parliament decided to set up the Committee of Inquiry into the Crisis of the Equitable Life Assurance Society (EQUI) committee, which held its constituent meeting on 2 February 2006.
Glavne številke in police
Main figures and policies
V najuspešnejšem obdobju leta 2001 je bilo zavarovancev z življenjskim zavarovanjem s klavzulo o soudeležbi pri dobičku zavarovalnice, ki so bili oškodovani zaradi znižanja vrednosti police, skoraj milijon, zlasti v Združenem kraljestvu.
At the height of its business in 2001, the number of with-profits policyholders affected by the policy cut was close to one million, mostly in the UK.
Ob upoštevanju zavarovancev brez življenjskega zavarovanja s klavzulo o soudeležbi pri dobičku zavarovalnice je bilo po nekaterih ocenah oškodovanih do 1,7 milijona zavarovancev.
If non with-profits policyholders are included, up to 1.7 million policyholders were affected, according to some estimates.
Danes ima sklad za življenjsko zavarovanje s klavzulo o soudeležbi pri dobičku zavarovalnice, ki je vreden 10 milijard funtov, še vedno okoli 600 000 članov.
Today, the with-profits fund, worth £10 billion, still has about 600,000 members.
Ocenjuje se, da je bilo do prenehanja poslovanja družbe ELAS leta 2001 v Nemčiji, na Irskem in drugih državah članicah, razen Združenega kraljestva, prodanih okoli 15 000 polic.
It is estimated that some 15,000 policies had been sold in Germany, the Irish republic and other non-UK Member States by the time of the closure of ELS to new business in 2001.
Zdaj je v na Irskem še vedno 8 300 zavarovancev z življenjskim zavarovanjem s klavzulo o soudeležbi pri dobičku zavarovalnice, v Nemčiji pa okoli 4 000.
Currently there would appear to be 8,300 with-profits policyholders remaining in Ireland and some 4,000 in Germany.
Vrste polic
Types of policies
Pred opisom vrste produktov, ki jih je prodajala družba ELAS, je treba laikom pojasniti, kaj je renta.
Before describing what type of products were sold by ELS, it is perhaps useful to clarify for the layman what an annuity is.
Dejansko gre za zavarovalni produkt, ki zagotavlja vrsto periodičnih plačil, pri čemer sta zagotovljena znesek in obdobje plačevanja.
In essence, it is an insurance product that provides a series of periodic payments that are guaranteed as to amount and payment period.
Če se posameznik odloči, da bo rentno varčeval celo življenje, bo imel do smrti zagotovljen vir dohodka.
If a person chooses to take the annuity payments over his or her lifetime, the person will have a guaranteed source of income until his death.
V primeru smrti pred iztekom pričakovane življenjske dobe izplača zavarovalnica veliko manj, kot je zavarovanec vplačal.
If he dies before his life expectancy, he will get back from the insurer far less than was paid in.
Če zavarovanec preseže pričakovano življenjsko dobo, bi lahko dobil veliko več denarja od vrednosti rente in dobička.
On the other hand, if he outlives his life expectancy, he might get back far more than the cost of the annuity plus earnings.
Običajno za dobiček pri rentnem varčevanju veljajo časovno razmejene davčne obveznosti (tj. dobiček ni obdavčen, dokler se ne izplača).
Usually, the earnings that occur during the term of the annuity are tax-deferred (i.e., they are not taxed until they are paid out).
Sledijo različne vrste rentnih produktov z določitvijo vrste polic, ki jih je prodajala družba ELAS, in z neporavnanimi zneski
The following are different types of annuity products, with an indication of the types of policies sold by the Society and the outstanding amounts
Za več podrobnosti glej WE 28. :
For more detail see WE 28. :
§ rentno varčevanje z enkratno premijo: enkratni polog,
§ Single-Premium Annuities : the investment is made all at once
§ rentno varčevanje s fleksibilnim plačevanjem premije : rentno varčevanje v obliki več pologov,
§ Flexible-Premium Annuities : the annuity is funded with a series of payments
§ takojšnje rente: izplačevanje se začne takoj, ko je vplačana renta, običajno z enkratnim pologom,
§ Immediate Annuities : it starts payments right after the annuity is funded, usually with a single premium
§ odložene rente : s to vrsto rente se izplačevanje začne več let po podpisu pogodbe o renti.
§ Deferred Annuities : with this type of annuity, payouts begin many years after the annuity contract is issued.
Določena plačila se lahko izplačajo kot enkratna vsota ali kot renta.
Scheduled payments can be received either in a lump sum or as an annuity.
Premija se lahko plača z enkratnim pologom ali v obliki več pologov,
They may be funded with a single or flexible premium
§ nespremenljive ali zajamčene rente : s pogodbo o nespremenljivi renti zavarovalnica sredstva vloži v obveznice, glavnica pa je zajamčena.
§ Fixed Annuities or GAR Annuities : with a fixed annuity contract, the insurance company puts funds into conservative fixed income investments such as bonds, and the principal is guaranteed.
Družba zavarovancu določi obrestno mero, ki je zajamčena za določeno minimalno obdobje.
The company gives the policyholder an interest rate that is guaranteed for a certain minimum period.
Ta zajamčena renta se na koncu zajamčenega obdobja prilagodi navzgor ali navzdol.
This guaranteed annuity rate (GAR) is adjusted upwards or downwards at the end of the guarantee period.
Družba ELAS ima še vedno za okoli 5 milijard funtov nespremenljivih rent,
ELS still has fixed annuity business of around £5billion
§ variabilne rente : variabilne rente so bolj tvegane kot zajamčene rente.
§ Variable Annuities : the variable annuity carries higher risks than the GAR fixed annuity.
Zavarovanci imajo možnost izbire, kako bodo razporedili denar med različno upravljanimi skladi.
It gives the purchaser the ability to choose how to allocate his money among several different managed funds.
V nasprotju z nespremenljivo rento pri variabilni renti ni zajamčene glavnice ali obresti.
Unlike the fixed annuity, there are no guarantees of principal or interest.
Tako tveganje za naložbe prevzame rentnik in ne zavarovalnica.
Thus, the investment is taken by the annuitant who bears the risk, not the insurance company.
Družba ELAS je prodajala variabilno rento, imenovano „renta z življenjskim zavarovanjem s klavzulo o soudeležbi zavarovanca pri dobičku zavarovalnice“, tj. polico, pri kateri je bil kot bonus izplačan delež razdeljenega presežka iz zadevnega sklada.
ELS sold a type of variable annuity called a with-profit annuity , a policy that received a share of the distributed surplus from the relevant fund by way of bonuses.
Družba ELAS je večji del pogodb o rentah z življenjskim zavarovanjem s klavzulo o soudeležbi zavarovanca pri dobičku zavarovalnice podpisala v devetdesetih letih 20. stoletja, ko je bil donos naložb velik.
ELS wrote the bulk of its with-profit annuity contracts in the 1990s when investment returns were high.
Finančne težave družbe in padec trga vrednostnih papirjev med letoma 2000 in 2003 so povzročili veliko zmanjšanje približno ene tretjine rent z življenjskim zavarovanjem s klavzulo o soudeležbi zavarovanca pri dobičku zavarovalnice.
The Society’s financial problems and the stock market fall of 2000-2003 resulted in a material cut of about one-third of the with-profit annuities.
K temu je prispevala tudi zajamčena obrestna mera, tj. zajamčena vsota povečanja osnovnih prejemkov vsako leto pred dodatkom določenega bonusa.
This was also compounded by the matter of the so-called Guaranteed Interest Rate (‘GIR’), an amount by which basic benefits are guaranteed to increase each year before the addition of a declared bonus.
Ocenjuje se, da zajamčena obrestna mera še vedno velja za 75 % polic z življenjskim zavarovanjem s klavzulo o soudeležbi zavarovanca pri dobičku zavarovalnice družbe ELAS.
It is estimated that GIR probably still applies to about 75% of with-profit policies of ELS.
Te police se vsako leto zajamčeno povečajo za 3,5 %.
Those policies with GIR benefit from a 3.5% guaranteed annual increase.
Celotni učinek zajamčene obrestne mere zavirajo naložbe v državne obveznice in državna posojila, ki težko dosežejo 3,5-odstotni letni dobiček.
The overall effect of the GIR is that ELS is locked into investment in government stocks and loans, which can barely produce a 3.5% annual return.
Zato družba ni imela veliko koristi pri obnovi trga vrednostnih papirjev med letoma 2003 in 2005.
This has meant that the Society has not benefited much from the stock market recovery of 2003-2005.
Ocenjuje se, da je sklad za življenjsko zavarovanje s klavzulo o soudeležbi zavarovanca pri dobičku zavarovalnice sedaj vreden 10 milijard funtov.
The ELS with-profits fund is currently estimated to be worth £10 billion.
Podrobno delovanje skladov za življenjsko zavarovanje s klavzulo o soudeležbi pri dobičku zavarovalnice
The functioning of a with-profits fund in detail
V sklad se vlagajo kapital, obveznice, vrednostni papirji in premoženje, odvisno od sklada in njegovih naložbenih ciljev.
Funds are invested - whether in equities, bonds, gilts and property - depending on the fund and its investment objectives.
Namen skladov za življenjsko zavarovanje s klavzulo o soudeležbi pri dobičku zavarovalnice je, da se posebno previdnim vlagateljem omogoči dostop do trga vrednostnih papirjev brez prevelikega tveganja.
The intention of with-profits is to give relatively cautious investors a taste of the stock market but without too much risk.
V zameno za mesečne premije družba ob koncu veljavnosti police izplača enkraten znesek.
In return for monthly premiums, the company promises to pay a lump sum at the end of the policy's term.
Premije vlagateljev se vlagajo v centralni sklad s premijami imetnikov polic življenjskega zavarovanja s klavzulo o soudeležbi pri dobičku zavarovalnice.
Investors' premiums are paid into a central fund with those of other "with-profits" investors.
Velik del končne vrednosti police je odvisen od bonusov, ki jih izplačuje podjetje med naložbenim obdobjem in ko polica zapade.
A large part of the policy's final value depends on bonuses paid by the firm during the investment period and when the policy matures.
Za zaščito sklada je varčevalcem, ki želijo predčasno dvigniti denar, naložena finančna kazen.
To safeguard the funds' strength, financial penalties are also imposed on savers who wish to withdraw their money early.
Skladi za življenjsko zavarovanje s klavzulo o soudeležbi pri dobičku zavarovalnice imajo tudi varnostni mehanizem, imenovan „izravnalni mehanizem“.
With-profits funds also have an in-built safety mechanism known as "smoothing".
To pomeni, da morajo podjetja v letih ugodne rasti naložb zadržati dobiček in ga porabiti za bonuse v letih, ko so gospodarske razmere težje.
This means that in years of good investment growth companies should hold back profits and use them to top up bonuses in years when economic conditions are harsher.
Na sejah 23. marca 2006, 25. aprila 2006, 29. maja 2006, 21. junija 2006, 11. julija 2006, 13. septembra 2006, 4. oktobra 2006, 23. novembra 2006, 19. decembra 2006, 25. januarja 2007 in 1. februarja 2007 je preiskovalni odbor poslušal pričanja številnih prič, vključno z zavarovanci družbe Equitable Life, ki so že poslali peticijo na Evropski parlament, drugimi zavarovanci iz Združenega kraljestva, Irske in iz Nemčije, predstavniki britanske, irske, nemške in švicarske vlade, Evropsko komisijo ter sedanjim izvršnim direktorjem družbe Equitable Life.
During its meetings on 23 March 2006, 25 April 2006, 29 May 2006, 21 June 2006, 11 July 2006, 13 September 2006, 4 October 2006, 23 November 2006, 19 December 2006, 25 January 2007 and 1 February 2007, the Committee of Inquiry heard testimonies of several witnesses, including Equitable Life policyholders, who had previously petitioned the European Parliament, other policyholders from the UK, Ireland and Germany, representatives of the UK, Irish, German and Swiss governments, the European Commission and the current chief executive of Equitable Life.
Seja z dne 23. marca 2006 (ustni dokazi H1):
Meeting of 23 March 2006 (oral evidence H1):
- Tom LAKE, predsednik Akcijske skupine zavarovancev družbe Equitable Life,
- Tom LAKE, Chairman of the Equitable Members' Action Group
- Paul BRAITHWAITE, generalni sekretar Akcijske skupine zavarovancev družbe Equitable Life (vlagatelj peticije),
- Paul BRAITHWAITE, General Secretary of the Equitable Members' Action Group, (petitioner)
- Elemér TERTÁK, Evropska komisija, GD za notranji trg in storitve, direktor finančnih institucij,
- Elemér TERTÁK, European Commission DG Markt, Director for Financial Institutions
- Karel VAN HULLE, Evropska komisija, GD za notranji trg in storitve, vodja enote za zavarovanje in pokojnino,
- Karel VAN HULLE, European Commission, DG Markt, Head of the Insurance and Pensions Unit
- Alan BEVERLY, Evropska komisija, GD za notranji trg in storitve, enota za zavarovanje in pokojnino.
- Alan BEVERLY, European Commission, DG Markt, Insurance and Pensions Unit
Seja z dne 25. aprila 2006 (ustni dokazi H2):
Meeting of 25 April 2006 (oral evidence H2):
- Michael JOSEPHS, svetovalec Združenja vlagateljev,
- Michael JOSEPHS, Adviser to Investor's Association
- Beatrice KNOWD, zavarovanka iz Irske,
- Beatrice KNOWD, Irish policyholder
- Patrick KNOWD, zavarovanec iz Irske,
- Patrick KNOWD, Irish policyholder
- Nicolas BELLORD, zavarovanec (vlagatelj peticije),
- Nicolas BELLORD, policyholder (petitioner)
- Paul WEIR, predsednik akcijske skupine Late Contributors Action Group,
- Paul WEIR, Chairman of the Late Contributors Action Group
- Charles THOMSON, glavni izvršni direktor, družba Equitable Life Assurance Society,
- Charles THOMSON, Chief Executive Officer, Equitable Life Assurance Society
Seja z dne 29. maja 2006 (ustni dokazi H3):
Meeting of 29 May 2006 (oral evidence H3):
- Peter SCAWEN, skupina Equitable Life Trapped Annuitants (ELTA),
- Peter SCAWEN, Equitable Life Trapped Annuitants (ELTA) group
- Martin McELWEE, avtor Leviathanovega poročila.
- Martin McELWEE, author of the Leviathan report
Seja z dne 21. junija 2006 (ustni dokazi H4):
Meeting of 21 June 2006 (oral evidence H4):
- Clive MAXWELL, direktor Ministrstva za gospodarstvo in finančne zadeve, pristojen za politiko finančnih storitev,
- Clive MAXWELL, Director for Financial Services Policy at HM Treasury
- David STRACHAN, direktor Organa za finančne storitve v zavarovalniškem sektorju,
- David STRACHAN, Director for the insurance sector at the Financial Services Authority (FSA)
- Christopher DAYKIN, oddelek za zavarovalniško statistiko, vodja vladnega oddelka za zavarovalniško statistiko,
- Christopher DAYKIN, Government Actuary, Head of the GAD (Government Actuary's Department)