membership and bonus restrictions were removed. The Society moved to Mansion House Street in 1863, Coleman Street in 1924 (both in the City of London) and new offices in Aylesbury in January 1983. The archives of the Society from 1762 to 1975 are held by the Institute of Actuaries. The Society acquired the University Life Assurance Society and the Reversionary Interest Society in 1919 and the Equitable Reversionary Interest Society in 1920. Guaranteed Annuity Rates, Article 65 and the 1999 Hyman case Many of Equitable's with-profits policies were designed to provide a pension for the policyholder on retirement, and the lump sum available to buy an annuity depended on the sum assured, the reversionary bonuses and the larger terminal bonus. Both types of bonus were allocated at the discretion of the directors in accordance with Article 65 of the Articles of Association, the total being intended to reflect the investment return earned over the lifetime of the policy, subject to smoothing. Between 1956 and the advent of Personal Pension Schemes in July 1988, Equitable sold policies with an option to choose at the retirement date between a fixed Guaranteed Annuity Rate (GAR) or the Current Annuity Rate (i.e. the market annuity rate at that time) (CAR). The latter reflected the anticipated investment return on the lump sum over the annuity holder's lifetime and often changed depending on long-term interest yields and views on future longevity. No additional premium was charged in respect of the guarantee. In 1979, legislation allowed the lump sum to be transferred to another annuity provider. As a result, communications with policyholders increasingly focused on the lump sum rather than annuity benefits. The GAR was calculated using an interest yield of 4% per annum until 1975 when it was increased to 7%. By May 2001, of Equitable's 1.1m policyholders about 16% held a GAR option. During the 1980s and 1990s Equitable experienced a further period of rapid growth. It developed market-leading personal pension and additional voluntary contribution plans while maintaining its record of operating with one of the lowest expense ratios in the industry. Its success was "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". In 1993 the CAR fell below the guaranteed annuity rate, thus prompting GAR policyholders to