Found: BARONESS KRAMER Insert thefollowing new Clause— “Compensation forEquitable Life policyholders (1)The
Written Evidence Dec. 13 2023
Inquiry: UK RegulatorsFound: There might need to be a sunset clause, perhaps giving TPR a life of say 10 years, supported by a
Jan. 26 2023
Source Page: Insurer Resolution Regime: ConsultationFound: Do you support the proposed role o f the FSCS in protecting certain policyholders under the bail -in
Oral Evidence Feb. 01 2023
Committee: Treasury Committee (Department: HM Treasury)Found: Q23 Rushanara Ali: If we want to avoid losses on policyholders—we, as representatives, want to avoid
Found: BARONESS KRAMER BARONESS ALTMANN 225 Insert thefollowing new Clause— “Compensation forEquitable Life
Asked by: Tulip Siddiq (Labour - Hampstead and Kilburn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will require Willis Towers Watson to publish the assumptions and intermediate calculations used in calculating the relative losses of Equitable Life policyholders following maladministration.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The methodology for calculating payments to Equitable Life policyholders was published in 2011 and extensively reviewed 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.
The value of payments made to With-Profits Annuitants from the Equitable Life Payment Scheme in each financial year since 2019 is as follows:
2019-20 £31,137,789
2020-21 £30,246,425
2021-22 £27,986,074
The projected value of remaining payments to WPAs until 2050 is £251 million.
Asked by: Tulip Siddiq (Labour - Hampstead and Kilburn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, further to the methodology previously published, if he will take steps to publish the assumptions and intermediate calculations used in calculating the relative losses of Equitable Life policyholders following maladministration.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The methodology for calculating payments to Equitable Life policyholders was published in 2011 and extensively reviewed 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.
The value of payments made to With-Profits Annuitants from the Equitable Life Payment Scheme in each financial year since 2019 is as follows:
2019-20 £31,137,789
2020-21 £30,246,425
2021-22 £27,986,074
The projected value of remaining payments to WPAs until 2050 is £251 million.
Asked by: Tulip Siddiq (Labour - Hampstead and Kilburn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of (a) the value of payments made to qualifying With-Profits Annuitants under the Equitable Life Payments Scheme for each year since 2019, and (b) the projected value of future payments to qualifying With-Profits Annuitants under the Equitable Life Payments Scheme to the year 2050.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The methodology for calculating payments to Equitable Life policyholders was published in 2011 and extensively reviewed 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.
The value of payments made to With-Profits Annuitants from the Equitable Life Payment Scheme in each financial year since 2019 is as follows:
2019-20 £31,137,789
2020-21 £30,246,425
2021-22 £27,986,074
The projected value of remaining payments to WPAs until 2050 is £251 million.
Found: BARONESS KRAMER BARONESS ALTMANN 225 Insert thefollowing new Clause— “Compensation forEquitable Life
Found: BARONESS KRAMER BARONESS ALTMANN 225 Insert thefollowing new Clause— “Compensation forEquitable Life