Backbench Business — Equitable Life

Part of Culture, Media and Sport Committee – in the House of Commons at 12:53 pm on 26 February 2015.

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Photo of Bob Blackman Bob Blackman Conservative, Harrow East 12:53, 26 February 2015

I will make a couple of points and then give way for the final time.

We are clear about what we want the Government to do. Irrespective of which political party wins the general election, we want full compensation for the pre-1992 trapped annuitants. As I have said, it would cost £115 million to compensate those individuals. Those are the most vulnerable individuals because they retired a long time ago and many of them are very frail. It would cost a relatively small amount of public money to give them proper compensation. I am afraid that the longer we delay, the fewer of them will be around, because they are dying off almost daily.

Secondly, as Mr Robinson said, we should commit to a graduated full compensation package so that the policy holders are compensated as the public finances continue to recover. Individuals who took out pension policies some time ago are not necessarily reaching retirement age. Topping up their pensions over four or five years would therefore enable them to retire in the way that they expected.