Found: Equitable Life Correspondence with the Co-Chairs of the All -Party Parliamentary Group for Justice for Equitable

Found: Blackman MP and Mr Fabian Hamilton MP Co-Chairs of the All-Party Parliamentary Group for Justice for Equitable

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet colleagues and (b) officials in his Department on compensation and support for affected Equitable Life policyholders.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. 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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, What recent steps his Department has taken to ensure that Equitable Life policyholders are reimbursed.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. 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.

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 - Economic Secretary (HM Treasury)

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).

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 - Economic Secretary (HM Treasury)

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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many times officials in his Department have met affected Equitable Life policyholders in the last 12 months.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to establish a new compensation scheme for Equitable Life policyholders.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. 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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much his Department (a) forecasted would be spent and (b) spent on compensation for Equitable Life policyholders at 2011 prices in each financial year since 2011.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

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).

Compensation for Equitable Life policyholders

Found: thefollowing new Clause— “Compensation forEquitable Life policyholders (1)The Treasury must ensure that Equitable

Found: thefollowing new Clause— “Compensation forEquitable Life policyholders (1)The Treasury must ensure that Equitable

Found: thefollowing new Clause— “Compensation forEquitable Life policyholders (1)The Treasury must ensure that Equitable

Found: thefollowing new Clause— “Compensation forEquitable Life policyholders (1)The Treasury must ensure that Equitable

Found: thefollowing new Clause— “Compensation forEquitable Life policyholders (1)The Treasury must ensure that Equitable