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Written Question
Equitable Life Assurance Society: Compensation
Wednesday 25th October 2023

Asked by: Philippa Whitford (Scottish National Party - Central Ayrshire)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to ensure that any underspend of the allocated Equitable Life compensation will be distributed amongst policyholders.

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).

Written Question
Equitable Life Assurance Society: Compensation
Wednesday 26th July 2023

Asked by: Bob Blackman (Conservative - Harrow East)

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).

Departmental Publication (Transparency)
HM Treasury

Jul. 20 2023

Source Page: HM Treasury annual report and accounts 2022 to 2023
Document: HM Treasury annual report and accounts 2022 to 2023 (PDF)

Found: Provisions relate primarily to bonus payments under the Help to Buy ISA scheme, and the Equitable Life

Commons Chamber
Oral Answers to Questions - Tue 20 Jun 2023
HM Treasury

Mentions:
1: Jim Shannon (DUP - Strangford) Life savers lost money as a direct result of Government decisions. - Speech Link
2: Bob Blackman (CON - Harrow East) Life policyholders, as was mentioned by the hon. - Speech Link

Grand Committee
Financial Services and Markets Bill
Committee stage - Tue 21 Mar 2023
HM Treasury

Mentions:
1: Baroness Kramer (LDEM - Life peer) The provision is designed to provide a safeguard if an insurance company fails, protecting both policyholders - Speech Link
2: Baroness Kramer (LDEM - Life peer) The idea that this will now become the norm for pension funds, where basically the policyholders will - Speech Link

Bill Documents
17 Mar 2023 - Amendment Paper
HL Bill 80-IX Ninth marshalled list for Grand Committee
Financial Services and Markets Act 2023

Found: BARONESS KRAMER BARONESS ALTMANN 225 Insert thefollowing new Clause— “Compensation forEquitable Life

Select Committee
Correspondence from Dame Meg Hillier Chair of the Committee of Public Accounts to Mr Bob Blackman MP and Mr Fabian Hamilton MP Co-Chairs of the All-Party Parliamentary Group for Justice for Equitable Life Policyholders, re Equitable Life 9 March 2023

Correspondence Mar. 14 2023

Committee: Public Accounts Committee

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

Bill Documents
9 Mar 2023 - Amendment Paper
HL Bill 80-VIII Eighth marshalled list for Grand Committee
Financial Services and Markets Act 2023

Found: BARONESS KRAMER BARONESS ALTMANN 225 Insert thefollowing new Clause— “Compensation forEquitable Life

Select Committee
Bank of England, Bank of England, and Prudential Regulation Authority

Oral Evidence Mar. 07 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: the changes to Solvency II are going to increase the probability that an insurer fails in the way Equitable

Select Committee
Correspondence from the Governor of the Bank of England, relating to the session on ‘Bank of England Financial Stability Reports’ on 16 January, dated 22 February

Correspondence Mar. 06 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: The key reforms announced by HMT fo r the life insurance sector are: 1.