John Pugh
Main Page: John Pugh (Liberal Democrat - Southport)Department Debates - View all John Pugh's debates with the HM Treasury
(8 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Harriett Baldwin
The Chancellor has done more than anyone else to tackle the regulatory failure of the 1990s with regard to Equitable Life. For example, with-profits annuitants will receive full compensation for the life of the annuity, pre-1992 annuitants have received ex gratia payments of up to £10,000, and £775 million has been paid out tax-free to others, despite the constrained public finances. Those on pensions credit got a doubling of their payment just before Christmas.
John Pugh (Southport) (LD)
Will the Minister clarify how much of the £1.5 billion promised by the Government has been delivered and handed over?
Harriett Baldwin
I regularly update Parliament on the precise figures. So far, we are at almost £1 billion. Of course, the payments for the annuitants will continue for the rest of their lives.