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 April 2014, annuitants will continue to be paid for the duration of their annuity.
As of 30 April 2013, the Scheme has now made payments totalling £604 million to 448,897 policyholders. 350,976 payments to Individual investors have been issued totalling £457 million. 33,032 first payments to With-Profits Annuitants have been issued by the Scheme, totalling £65 million. Additionally subsequent annual payments totalling £52m have also been made to annuitants. 64,889 payments have been paid to those who bought their policy through their company pension scheme (known as a Group scheme) have received payments worth £30 million.
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.
The Scheme has also written to all traceable trustees or administrators of eligible Group (company pension) schemes to request member data and continues to receive data from them to facilitate payments. However there are also a number of Group (company pension) schemes that the Scheme has been unable to locate. The Scheme will shortly be publishing a list of those Group (company pension) Schemes and encouraging those members to contact the Scheme directly to progress their payment. The Scheme has started to make payments to Group (company pension) scheme policyholders and payments will continue over the coming months.
If you are a member of a Group scheme and believe that your contact details may not be up-to-date, please contact your Group scheme’s administrator or the Scheme directly to confirm your address details. Find out more information about Group schemes.
For more details on what the Scheme has achieved so far, read the full May 2013 Progress Report.
Click here for scheme information in German.