Equitable Life Assurance Society: Compensation
The question
To ask the Chancellor of the Exchequer, if she will take steps to ensure that contingency funding linked to the Equitable Life Payment Scheme will be used to compensate Equitable Life policyholders.
Answered by Torsten Bell
The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The only remaining part of the Payment Scheme in operation is the annual payments made to eligible With-Profit-Annuitants and the Scheme is on track to distribute the remainder of the £1.5 billion as planned.
There are no plans to reopen any decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
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