Equitable Life Assurance Society: Compensation

(asked on 12th May 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the accuracy of compensation payments to people affected by the collapse of Equitable Life.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 22nd May 2020

There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.

The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.

The relevant data will be retained as long as it is legal to do so.

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