Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much is the average payment to those eligible With-Profit-Annuitants within the Equitable Life Payment Scheme.

The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had 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).

The total value of payments made by the Scheme stood at £1.35 billion as of 30 May 2025, and the Scheme is on track to pay out the remainder. Annual annuity payments to the over 17,000 eligible WPAs amounted to £20.25 million in 2025.