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.
Asked by: Lord Bishop of St Albans (Bishops - Bishops)
Question to the HM Treasury:
To ask Her Majesty's Government what recent consideration they have given to ensuring that there is (1) compensation, and (2) support, available to those affected by the collapse of Equitable Life.
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.
Asked by: David Warburton (Independent - Somerton and Frome)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take in 2021 to help people affected by the Equitable Life scandal.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
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.
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: www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Asked by: David Warburton (Independent - Somerton and Frome)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish the detailed calculations, including intermediary steps, used in determining payments under the Equitable Life Payment Scheme.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
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.
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: www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Asked by: Deidre Brock (Scottish National Party - Edinburgh North and Leith)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure the retention and maintenance of the data his Department requires to make further payments to Equitable Life policyholders.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
I refer the Honourable Member for Edinburgh North and Leith to the answer I gave on 17 May 2021.
Asked by: Neale Hanvey (Alba Party - Kirkcaldy and Cowdenbeath)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of making additional compensation payments to people affected by the Equitable Life 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.
I can assure the Hon Member for Kirkcaldy and Cowdenbeath that relevant records are currently retained and will continue to be as long as it is legal to do so.
Asked by: Neale Hanvey (Alba Party - Kirkcaldy and Cowdenbeath)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to (a) retain and (b) maintain data needed to make further payments to Equitable Life policy holders.
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.
I can assure the Hon Member for Kirkcaldy and Cowdenbeath that relevant records are currently retained and will continue to be as long as it is legal to do so.
Asked by: Neale Hanvey (Alba Party - Kirkcaldy and Cowdenbeath)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the accuracy of payments made under 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.
I can assure the Hon Member for Kirkcaldy and Cowdenbeath that relevant records are currently retained and will continue to be as long as it is legal to do so.
Asked by: Neale Hanvey (Alba Party - Kirkcaldy and Cowdenbeath)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take in 2021 to help people affected by the Equitable Life scandal.
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.
I can assure the Hon Member for Kirkcaldy and Cowdenbeath that relevant records are currently retained and will continue to be as long as it is legal to do so.
Asked by: Neale Hanvey (Alba Party - Kirkcaldy and Cowdenbeath)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet colleagues and (b) Ministers in his Department on (i) compensation and (ii) support for people affected by the Equitable Life scandal.
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.
I can assure the Hon Member for Kirkcaldy and Cowdenbeath that relevant records are currently retained and will continue to be as long as it is legal to do so.