Equitable Life Assurance Society: Compensation

(asked on 6th February 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that the total £1.5 billion allocated for the Equitable Life Payments Scheme is paid out to affected Equitable Life policyholders.


Answered by
Bim Afolami Portrait
Bim Afolami
This question was answered on 19th February 2024

The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).

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