To ask the Chancellor of the Exchequer, pursuant to the Answer of 21 June 2021 to Question 16027 on Equitable Life Assurance Society, for what reasons the Government does not plan to (a) reopen the Equitable Life Payment Scheme or (b) review the £1.5 billion funding allocation previously made to it.
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.