£1 billion payout for Equitable Life policyholders
Over £1 billion has been paid out to Equitable Life policyholders through the Equitable Life Payments Scheme.
The Economic Secretary has yesterday confirmed that over £1 billion has been paid out to Equitable Life policyholders through the Equitable Life Payments Scheme.
The scheme was set up by the government in 2011 to make fair and transparent payments to policyholders who suffered financial losses as a result of government maladministration which occurred in the regulation of Equitable Life.
Since the last progress report in October 2014, the scheme has issued payments to a further 9,000 policy holders, meaning that over 896,000 eligible policyholders have now had tax-free payments.
The figures are broken down as follows:
- 412,445 payments to individual investors have been issued totalling £560.3 million
- 37,764 With-Profits Annuitants (WPAs) or their estates have been issued payments by the Scheme. These Initial and subsequent payments total £271.4 million
- 446,158 payments totalling £169.3 million have been issued to those who bought their policy through their company pension scheme
The scheme remains committed to tracing and paying as many eligible policyholders as possible and will consider all proportionate actions it can take to do this. Significant efforts have already been made, including extensive electronic tracing methods, writing to policyholders’ last known addresses, working with other government departments and liaising with group scheme trustees.
Economic Secretary to the Treasury, Andrea Leadsom said:
I am pleased to announce that this government has now paid out over £1 billion to Equitable Life policyholders.
While we’ve had to take many tough decisions on spending during this Parliament, we’ve been determined to do what we can to tackle the legacy of Equitable Life. And that’s why I’m proud to confirm we have helped almost 900,000 Equitable Life policyholders with over £1 billion worth of payments.
View the February 2015 progress report
Latest News from
Chancellor's statement on coronavirus (COVID-19): 29 May 202001/06/2020 10:10:00
Chancellor of the Exchequer, Rishi Sunak gave the 29 May 2020 daily press briefing on the government's response to the COVID-19 pandemic.
Chancellor extends Self-Employment Support Scheme and confirms furlough next steps01/06/2020 09:20:00
The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months, the Chancellor announced on Friday 29 May 2020
Coronavirus sick pay scheme opens for applications27/05/2020 11:10:00
Small businesses and employers across the UK who have paid statutory sick pay to staff taking coronavirus-related are now able to claim back the money as of yesterday.
Up to £15 million to support the Citizens Advice service during COVID-19 pandemic26/05/2020 14:22:00
Citizens Advice and Citizens Advice Scotland to receive funding boost of up to £15 million to help them deal with increased demand during the COVID-19 pandemic.
Help with mortgages to continue for homeowners affected by Coronavirus22/05/2020 12:10:00
Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published today.
Government to give VAT from donated PPE to healthcare charities22/05/2020 11:10:00
VAT collected on donated personal protective equipment will be given to charities supporting the NHS and care workers, the government announced yesterday (21 May 2020).
Government unlocks £150 million from dormant accounts for coronavirus response21/05/2020 15:20:00
Culture Secretary accelerates release of funding in further boost for charities and social enterprises across the country.
Future Fund launches today20/05/2020 17:08:00
The government’s £500 million Future Fund opens for applications today (Wednesday 20 May) with innovative and high-growth British businesses able to secure investment to help them through the Coronavirus outbreak.