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Equitable Life Assurance Society: Compensation

Question for Treasury

UIN 93913, tabled on 15 December 2021

To ask the Chancellor of the Exchequer, what steps he plans to take in 2022 to help people affected by the Equitable Life scandal.

Answered on

10 January 2022

Since 2010, the government has taken more action to resolve this issue than ever was taken previously, including setting up a payment scheme to make payments of up to £1.5bn to eligible policyholders. Since the Scheme closed in 2016, the Government’s position on this issue has been clear, that there will be no further funding in addition to the £1.5bn and this issue is considered closed.

The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at: www.gov.uk/government/publications/equitable-life-payment-scheme-design.

Answered by

Treasury