Equitable Life Assurance Society: Compensation

(asked on 11th May 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of making additional compensation payments to people affected by the Equitable Life scheme.


Answered by
John Glen Portrait
John Glen
Economic Secretary (HM Treasury)
This question was answered on 17th May 2021

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.

I can assure the Hon Member for Kirkcaldy and Cowdenbeath that relevant records are currently retained and will continue to be as long as it is legal to do so.

This content was generated for your convenience by Parallel Parliament and does not form part of the official record.
Recent Documents related to Equitable Life Assurance Society: Compensation

1. Memorandum for the Committee of Public Accounts: Equitable Life Payment Scheme
06/05/2021 - National Audit Office

Found: Accounts: Equitable Life Payment Scheme Background and Scope 1 In 2010, HM Treasury set up the Equitable Life

2. Compensation for Equitable Life policyholders
17/03/2017 - Parliamentary Research

Found: 2017 Compensation for Equitable Life policyholders By Timothy Edmonds Summary The Equitable Life

3. Equitable Life: further compensation debate
10/02/2016 - Parliamentary Research

Found: 2016 Equitable Life: further compensation debate By Timothy Edmonds Summary The Equitable Life 'scandal'

4. Legal Framework: Troubles-related incident Victims Payment Scheme
22/10/2019 - Northern Ireland Office
- View source

Found: a Troubles - related incident Victims Payment Scheme Implementation of the legal duty under section

5. Windrush Compensation Scheme
03/04/2019 - Home Office
- View source

Found: Windrush Compensation Consultation July 2018 Cm 9654 Windrush Compensation Consultation

Latest Documents
Recent Speeches related to Equitable Life Assurance Society: Compensation

1. Equitable Life
21/01/2021 - Commons Chamber

1: inaction with respect to the injustice suffered by Equitable Life policyholders, the vast majority of whom have - Speech Link
2: inaction with respect to the injustice suffered by Equitable Life policyholders, the vast majority of whom have - Speech Link

2. Oral Answers to Questions
20/10/2020 - Commons Chamber

1: economic support to areas affected by local covid-19 restrictions; and if he will make a statement. [907759] - Speech Link
2: What plans he has to provide additional economic support to areas affected by local covid-19 restrictions; - Speech Link
3: What plans he has to provide additional economic support to areas affected by local covid-19 restrictions; - Speech Link

3. Equitable Life
31/01/2019 - Commons Chamber

1: relation to its maladministration with regard to Equitable Life; notes that the Parliamentary Ombudsman recommended - Speech Link
2: relation to its maladministration with regard to Equitable Life; notes that the Parliamentary Ombudsman recommended - Speech Link

4. Oral Answers to Questions
26/01/2021 - Commons Chamber

1: (b) aviation industries on the VAT retail export scheme and airside extra statutory concessions. (911349) - Speech Link
2: it was a mistake to scrap the VAT retail export scheme and the extra-statutory concessions, both of which - Speech Link
3: Responsibility set out its assessment of the fiscal impact of the withdrawal of the VAT RES scheme, factoring in a - Speech Link

5. Oral Answers to Questions
27/04/2021 - Commons Chamber

1: in south Wales. I have already written to the Chancellor about the improvements that are needed for the - Speech Link
2: Wales, and he is quite right to focus on young people getting to work, given how impacted they have been - Speech Link
3: said that they would review the way in which dying people were treated through social security. Meanwhile - Speech Link

Latest Speeches
Recent Questions related to Equitable Life Assurance Society: Compensation
1. Equitable Life Assurance Society: Compensation
asked by: Ruth Jones
19/04/2021
... if the Government will take steps to ensure that victims of the Equitable Life scandal receive full compensation for their losses.

2. Equitable Life Assurance Society: Compensation
asked by: Neale Hanvey
17/05/2021
... if he will make an assessment of the potential merits of making additional compensation payments to people affected by the Equitable Life scheme.

3. Equitable Life Assurance Society: Compensation
asked by: Neale Hanvey
17/05/2021
... what steps he is taking to (a) retain and (b) maintain data needed to make further payments to Equitable Life policy holders.

4. Equitable Life Assurance Society: Compensation
asked by: Lord McCrea of Magherafelt and Cookstown
21/12/2020
...To ask Her Majesty's Government what plans they have to make further payments to individuals who lost their savings following the collapse of Equitable Life.

5. Equitable Life Assurance Society: Compensation
asked by: Deidre Brock
27/05/2021
... what recent discussions he has had (a) with Cabinet colleagues and (b) with his officials on compensation and support for people affected by the Equitable Life scandal.

Latest Questions