Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many times corrections of payments to Equitable Life policyholders have been made; and what guarantees are in place to ensure that no further errors in the payments and calculation method will be made.

The payment calculation has been examined by a panel of actuarial peers and the Equitable Members Action Group. No errors in the calculation methodology have been identified.

Whilst the Payment Scheme was in operation policyholders could check the input data received from Equitable Life that was used as the basis for their individual calculation. Where an error was found in the records Equitable Life held, a policyholder could request an independent review of their individual payment and where necessary a payment could be recalculated.

The Payment Scheme is now closed. The Payment Scheme’s final progress report set out the numbers of independent reviews conducted and this can be found at: https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report