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Equitable Life (Payments) Bill

In regard to the morality of the issue, I agree with many of my hon. Friend's arguments. My concern, however, relates to the practicalities involved when people are policyholders with other companies. Many of them had large bonuses from the 1980s onwards, but get hardly any at all nowadays. We have to take account of this when we look at their asset share, compared with everyone else in the pool in a with-profits system. That is why many people believe that there is no future for with-profits business nowadays.