Equitable Life Payment Scheme

Monday 13th May 2013 Written Statements

[The Economic Secretary to the Treasury (Sajid Javid)]

As of 30 April 2013 the scheme has made payments totalling £604 million and has informed 85% of eligible individual policyholders the value of any payment due. The scheme has also published a further progress report, which can be found at:

http://equitablelifepaymentscheme.independent.gov.uk/

The scheme has now contacted all the eligible individual policyholders it can trace. Any holders of an individual non with-profits annuity or with-profits annuity who have not been contacted by the scheme should call the scheme on 0300 0200 150 to confirm the eligibility of their policy and be advised of the next steps they should take.

The scheme has also started making payments to those who bought their Equitable Life policy through a company pension scheme, with circa 65,000 payments already made to this group. These payments will continue over the coming months.

The scheme has also confirmed that the estates of some 8,000 deceased policyholders have been paid and the process of identifying, tracing and contacting the estates of deceased policyholders continues.

The Government are committed to drawing a line under the Equitable Life issue and the scheme remains on track to close as planned in 2014. The scheme will begin the process of closing down and shutting to new claims later this year. In advance of that the scheme will place adverts in national newspapers to encourage those that are due a payment and have not received it to come forward.