Asked by: Marco Longhi (Conservative - Dudley North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to reassess the calculation of the compensation payments made to people affected by the Equitable Life scheme.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Equitable Life Payment Scheme has been wound down and 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. 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.
Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to make further payments to individuals who lost their savings following the collapse of Equitable Life.
Answered by Lord Agnew of Oulton
The Equitable Life Payment Scheme closed to claims in 2015. There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it.
Asked by: John Nicolson (Scottish National Party - Ochil and South Perthshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what further steps he plans to take to help people affected by the Equitable Life scandal.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
I would refer the honourable Member for Ochil and South Perthshire to the answer I gave on 4 May 2020 (UIN 40483).
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure victims of the Equitable Life scandal receive their full entitlement of compensation.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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 methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Relevant records will be retained as long as it is legal to do so.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the accuracy of payments made through the Equitable Life Payment Scheme.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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 methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Relevant records will be retained as long as it is legal to do so.
Asked by: Alexander Stafford (Conservative - Rother Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that the data needed to make further payments to Equitable Life policyholders is retained.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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 methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Relevant records will be retained as long as it is legal to do so.
Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps he has taken to ensure that victims of the Equitable Life scandal receive full compensation.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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 methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
The relevant data will be retained as long as it is legal to do so.
Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the accuracy of compensation payments to people affected by the collapse of Equitable Life.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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 methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
The relevant data will be retained as long as it is legal to do so.
Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will ensure that the data needed to make further payments to Equitable Life policyholders is retained.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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 methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
The relevant data will be retained as long as it is legal to do so.
Asked by: Jessica Morden (Labour - Newport East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the level of compensation provided to Equitable Life policyholders by the Equitable Life Payment Scheme; and if he will make a statement.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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.