Equitable Life Assurance Society: Compensation
The question
To ask the Chancellor of the Exchequer, what is the value of payments made to With-Profits Annuitants under the Equitable Life Payments Scheme to date.
Answered by Torsten Bell
Of the £1.5 billion, £775 million was allocated to be paid as lump sums to with profits non-annuitants, and £625 million allocated to With-Profit-Annuitants (WPAs) to be paid annually for the duration of the annuity, as they were the most vulnerable group. This includes a £100 million contingency fund to ensure there is provision for annuitants, should they live longer than their actuarial forecast and brings the total allocated to WPAs up to £725 million.
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