Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, What recent steps his Department has taken to ensure that Equitable Life policyholders are reimbursed.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Asked by: Sarah Green (Liberal Democrat - Chesham and Amersham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that the total £1.5 billion allocated for the Equitable Life Payments Scheme is paid out to affected Equitable Life policyholders.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme 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).
Asked by: Rosena Allin-Khan (Labour - Tooting)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much his Department has paid in compensation to affected Equitable Life policyholders as of 8 February 2024.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme 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).
At 31 December 2023, the total value of payments made by the Equitable Life Payment Scheme was £1,330,835,466.52.
Asked by: Rosena Allin-Khan (Labour - Tooting)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many times officials in his Department have met affected Equitable Life policyholders in the last 12 months.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme 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).
At 31 December 2023, the total value of payments made by the Equitable Life Payment Scheme was £1,330,835,466.52.
Asked by: Alex Cunningham (Labour - Stockton North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take steps to establish a new compensation scheme for Equitable Life policyholders.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Written Evidence Dec. 13 2023
Inquiry: UK RegulatorsFound: There might need to be a sunset clause, perhaps giving TPR a life of say 10 years, supported by a
Written Evidence Dec. 13 2023
Inquiry: UK RegulatorsFound: Lord Penrose said of insurance accounting in his 2004 report into the collapse of Equitable Life
Formal Minutes Nov. 06 2023
Committee: Public Accounts CommitteeFound: Vaccine Liabilities Correspondence from the Department of Health and Social Care, dated 7 March 2023 Equitable
Asked by: Philippa Whitford (Scottish National Party - Central Ayrshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take steps to ensure that any underspend of the allocated Equitable Life compensation will be distributed amongst policyholders.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme 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).