Asked by: Kim Johnson (Labour - Liverpool, Riverside)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish the calculations, including the intermediary steps, used in determining payments made under the Equitable Life Payment Scheme.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Since 2010, the government has taken more action to resolve this issue than ever was taken previously, including setting up a payment scheme to make payments of up to £1.5bn to eligible policyholders. Since the Scheme closed in 2016, the Government’s position on this issue has been clear, that there will be no further funding in addition to the £1.5bn and this issue is considered closed.
The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at: www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Asked by: Kim Johnson (Labour - Liverpool, Riverside)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take in 2022 to help people affected by the Equitable Life scandal.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Since 2010, the government has taken more action to resolve this issue than ever was taken previously, including setting up a payment scheme to make payments of up to £1.5bn to eligible policyholders. Since the Scheme closed in 2016, the Government’s position on this issue has been clear, that there will be no further funding in addition to the £1.5bn and this issue is considered closed.
The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at: www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Asked by: Kim Johnson (Labour - Liverpool, Riverside)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the upcoming expiration of his Department’s contract with Capita for the administration of the Equitable Life Payments Scheme, if he will confirm that future awardees of the contract will be subject to the same contractual requirement to hold, in a searchable format, the personal, bank account and payment data for all those non-WPA (With Profits Annuitants) Equitable Life policyholders who have already received a payment from that scheme.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
I refer the Honourable Member to the answer I gave to PQ UIN67299 on 9th November.
Asked by: Kim Johnson (Labour - Liverpool, Riverside)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will ensure that, following the upcoming expiration of his Department’s contract with Capita for the administration of the Equitable Life Payments Scheme, that future awardees of the contract will be subject to the same contractual requirement to hold, in a searchable format, the personal, bank account and payment data for all non-With Profits Annuitants Equitable Life policyholders, who have already received a payment from the Scheme.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
HM Treasury has extended its contract with Capita for the administration of the Equitable Life Payment Scheme until 15 November 2023. The service requirements will naturally be reviewed when the service is re-procured.
The contract is published on the Contracts Finder website and is available at the following link:
Oral Evidence Feb. 24 2022
Committee: Treasury Committee (Department: HM Treasury)Found: Vicky Saporta: In not giving sufficient protection to policyholders by lowering capital resources beyond
Mentions:
1: Bob Blackman (CON - Harrow East) I look forward to that happening, and to further progress in the new year.On Equitable Life, the Government - Speech Link
2: Bob Stewart (CON - Beckenham) I think the Government promised to sort out Equitable Life a long time ago, did they not? - Speech Link
3: Fleur Anderson (LAB - Putney) Their family life suffers immensely. - Speech Link
4: David Johnston (CON - Wantage) I am also a member of the all-party parliamentary group for justice for Equitable Life policyholders, - Speech Link
5: Tom Hunt (CON - Ipswich) We also need to look at whole-life tariffs. - Speech Link
Oral Evidence Feb. 21 2022
Inquiry: Aligning the UK's economic goals with environmental sustainabilityFound: of great things: we saw incomes grow; we saw access to food, education and medicine improve; we saw life
Oral Evidence Feb. 21 2022
Inquiry: Aligning the UK's economic goals with environmental sustainabilityFound: of great things: we saw incomes grow; we saw access to food, education and medicine improve; we saw life
Mentions:
1: Michael Gove (CON - Surrey Heath) The family hubs are targeted not just at those who have children in the first 1,000 days of their life - Speech Link
2: Bob Blackman (CON - Harrow East) much lobbying, the Chancellor has still not seen fit to put right the long-term problem of refunding Equitable - Speech Link
3: Miriam Cates (CON - Penistone and Stocksbridge) to their life chances. - Speech Link
4: Liz Saville Roberts (PC - Dwyfor Meirionnydd) very stuff of life itself. - Speech Link
Asked by: Lord Bishop of St Albans (Bishops - Bishops)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to assess the methodology used to calculate the money owed to Equitable Life policyholders as part of the compensation scheme established under the Equitable Life (Payments) Act 2010, and (2) the accuracy of the figures produced by that methodology.
Answered by Lord Agnew of Oulton
The methodology for calculating payments to Equitable Life policyholders was published in 2011.
The Equitable Life Payment Scheme closed to claims in 2015 and there are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it.