Equitable Life has warned that publication of the long-awaited compromise deal to resolve its financial crisis could now be delayed until the end of September, two weeks longer than previously indicated.

The announcement is likely to further anger the society's one million policyholders and increase pressure on its timetable to gain approval from members.

Equitable Life action groups, which have been inundated with calls from disgruntled policyholders, said that this latest delay risked scuppering the deal.

"This is not good news," said Mr Ron Bullen, chairman of the Equitable Life policyholders Action Group. "There is already a feeling that members will vote against this compromise just because they have had enough. This only increases that risk."

Equitable Life was forced to close to new business in December last year following a House of Lords ruling that it had to honour its guaranteed annuity rates in full, a liability currently estimated at £2.6 billion. A compromise deal, if approved, would remove this open-ended liability, restoring stability to its £23 billion with- profits fund. Any deal, which must be approved by at least 75 per cent of policyholders by value, has to be completed by the end of February if Equitable Life is to receive a further £250 million cash injection from Halifax, which bought Equitable's administration business in February.

Mr Charles Thomson, chief executive of the society, said the main reason for the possible delay was the report by Nicholas Warren QC, who is examining whether policyholders without guarantees were victims of mis-selling and could be entitled to payouts.

But Mr Thomson said the success of the compromise deal remained vital for Equitable policyholders and dismissed suggestions of a "lifeboat" package from the British government or the life assurance industry. He also warned of "potential endless litigation" if policyholders failed to support the compromise.

"Guaranteed annuity policyholders have the Lords' judgment ... and Warren has raised the possibility of a counter claim (for those without guarantees). There is a risk this would just become a feast for the lawyers." Mr Thomson said the results of Equitable's investigation into alleged negligence by the society's former directors and advisers was still some way from completion.

Chairman of Equitable Life, Mr Vanni Treves, has previously insisted: "We are solvent, we always have been solvent and we fully expect to remain solvent."