Information about the Equitable Life Payment Scheme
The Equitable Life Payment Scheme was set up by HM Government to make fair and transparent payments to Equitable Life policyholders who suffered financial losses as a result of Government maladministration which occurred in the regulation of Equitable Life. While the Scheme will be open until 2015, annuitants will continue to be paid for the duration of their annuity.
As of 31 August 2013, the Scheme has now made payments totaling £734 million to 548,359 policyholders. This figure is broken down as follows:
- 367,730 payments to individual investors have been issued totalling £493 million.
- 33,042 first payments to With-Profits Annuitants (WPAs) have been issued by the Scheme, totalling £61.6 million. Subsequent annual payments totalling £110.2 million have also been made to annuitants
- 147,587 payments totalling £57 million have been paid to those who bought their policy through their company pension scheme.
This means that the Scheme has issued a further £130 million in payments since 30 April 2013.
The Scheme has used a rigorous process to verify the addresses for all eligible individual policyholders and has now contacted all the eligible individual policyholders it can trace. If you have an eligible individual (i.e. non-group) policy but have not yet received a letter from the Scheme, please contact us. To find out if your policy is eligible, you can read our Eligibility Criteria or call 0300 0200 150.
For more details on what the Scheme has achieved so far, read the full August 2013 Progress Report.
Click here for scheme information in German.
Please note that the Equitable Life Payment Scheme only covers policies issued after 1 September 1992.The 2013 Budget Statement and recent ministerial announcement only affects those individuals who purchased an Equitable Life With-Profits Annuity before 1 September 1992. Payments to these policyholders are not being administered by the Scheme.
More information about these payments is available at: https://www.gov.uk/government/publications/equitable-life-payments