Information about the Equitable Life Payment Scheme

The Equitable Life Payment Scheme has been set up by HM Government to make fair and transparent payments to Equitable Life policyholders who have suffered financial losses as a result of Government maladministration that was found to have occurred in the regulation of Equitable Life. This website aims to answer questions you may have about the Scheme and help you find related information.

The Scheme started making payments on the 30th June and many thousands of payments a week are being made. The volume will continue to be ramped up so that over the coming months hundreds of thousands more eligible policyholders will receive their payment from the Scheme. These payments will be made in accordance with the recommendations of the Independent Commission on Equitable Life payments. The Scheme can also confirm that first payments to With-Profits Annuitants have also commenced, and many thousands of Annuitants have already had their first payment issued. The Scheme has published more detail on the progress it has made to date here.

If you are, or were, an Equitable Life policyholder then you don’t need to take any action at this point. The Scheme will aim to contact all eligible policyholders directly before June 2012.

Which policies are eligible for the Scheme?

An Equitable Life Conventional With-Profits (CWP) policy bought between 1 September 1992 and 31 December 2000 inclusive.
An Equitable Life With-Profits Annuity (WPA) bought between 1 September 1992 and 31 December 2000 inclusive.
An Equitable Life Accumulating With-Profits (AWP) policy (both individual and Group scheme policies) that either started between 1 September 1992 and 31 December 2000 inclusive or had a premium payment made into it between 1 January 1993 and 31 December 2000 inclusive.

What kind of policy have I got?

Find out what sort of policy you have using the table on this page.

Find out more about eligibility

When will you start making payments?

Payments started at the end of June 2011. It is anticipated that all AWP and CWP policyholders due a payment will have received it by mid 2014. Eligible WPA policyholders can expect to receive their first payment by June 2012.

What can I expect in terms of payment?

I have a WPA policy. Does that make a difference?

The Scheme has different payment arrangements for With-Profits Annuities, because of the particular circumstances relating to this type of policy.

Find out about With-Profits Annuities

I'm part of a Group scheme. What does that mean for me?

The same principles of fairness and transparent payment apply for Group scheme members, but there are further practical considerations in identifying payees and making payments.

Find out about Group schemes

Find out more:

Am I eligible for the Scheme?