Equitable Life Assurance Society: Compensation
The question
To ask the Chancellor of the Exchequer, how much in cash terms was originally forecast to be paid to Equitable Life With-Profits Annuitants up to and including 2050 under the Equitable Life Payments Scheme.
Answered by Torsten Bell
The Liberal Democrat Conservative coalition government chose to allocate £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).
Information on how the Scheme was designed and funded can be found in that report, and in the Scheme Design document at:
www.gov.uk/government/publications/equitable-life-payment-scheme-design
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