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 December 2013, the Scheme has now made payments totalling £816m to 717,600 policyholders. The figures are broken down as follows:
- 375,672 payments to Individual investors have been issued totalling £511m.
- 33,547 first payments to With-Profits Annuitants (WPAs) have been issued by the Scheme, totalling £64m. Subsequent annual payments totalling £116m have also been made to annuitants. Additionally payments of £15m have been paid to the estates of 2,425 deceased annuitants
- 305,956 payments totalling £110m have been paid to those who bought their policy through their company pension scheme.
This means that the Scheme has issued a further £82 million in payments to an additional 169,241 policyholders since 31 August 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 January 2014 Progress Report.
Click here for scheme information in German.
The Equitable Life Payment Scheme only covers policies issued after 1 September 1992. HM Treasury has issued payments to all pre-September 1992 annuitants who were eligible under the separate scheme announced in the 2013 Budget Statement. Payments were made on Thursday 12 December 2013. More information about the payments to pre-1992 annuitants is available at: https://www.gov.uk/government/publications/equitable-life-payments