Equitable Life Assurance Society: Compensation
The question
To ask the Chancellor of the Exchequer, how many eligible With Profit annuities are currently covered by the Equitable Life Payment Scheme.
Answered by Torsten Bell
The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).
The total value of payments made by the Scheme stood at £1.35 billion as of 30 May 2025, and the Scheme is on track to pay out the remainder. Annual annuity payments to the over 17,000 eligible WPAs amounted to £20.25 million in 2025.
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