Equitable Life Assurance Society: Compensation

(asked on 8th February 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much his Department has paid in compensation to affected Equitable Life policyholders as of 8 February 2024.


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).

At 31 December 2023, the total value of payments made by the Equitable Life Payment Scheme was £1,330,835,466.52.

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