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Equitable Life Assurance Society v Hyman
''Equitable Life Assurance Society v Hyman'' () (UKHL 39 ) is an English contract law case, concerning implied terms.
==Facts==
Equitable Life (est 1762) issued ‘with profits’ life assurance policies, which are a way of saving for retirement. If policy holders took benefits as a taxable annuity (i.e. with a payment annually), then they got tax exemptions on the premiums (and bonuses at the end of the year). They could choose to have their annuity at a "guaranteed annual rate" ("GAR") that would be fixed, or a "current annuity rate" ("CAR") that would fluctuate according to the market. The choice did not affect the premium. From 1993 the current annuity fell below the guaranteed one. Article 65 of the Equitable Life's Articles of Association said the directors could, at their discretion, vary bonuses and the company had relied on this since its foundation.
The directors of Equitable Life decided they would reduce the level of terminal bonuses for GAR policyholders, from the higher figure shown on the GAR policyholders' annual bonus notices, to a lower figure (if necessary to zero) so as to equalise the benefits so far as possible i.e. the policy proceeds with the higher terminal bonus times the CAR rate equalled the policy proceeds with lower terminal bonus times the GAR rate (the Differential Terminal Bonus Policy - DTBP). The Equitable's Annual Regulatory Returns, submitted each year to the regulatory authorities (the Department of Trade and Industry - DTI) had set out this practice since the 1993 (when the current annuity rate first fell below the guaranteed annuity rate). The Equitable's Annual Regulatory Returns had been scrutinized each year by the regulatory authorities and nothing adverse had been said by the regulatory authorities about the Equitable's Differential Terminal Bonus Policy (which had been introduced in 1993).
In 1998, because the GAR policyholders received a lower terminal bonus than they expected (they expected the higher terminal bonus and, in addition, the GAR rate) certain GAR policyholders complained. Mr Hyman was a representative policyholder. At no point, however, were the GAR policyholders ever paid less per annum (and nor was there ever any intention by the directors of Equitable Life to pay them less) than their guaranteed fund (i.e. excluding the non-contractual terminal bonus) times guaranteed annuity rate.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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