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Equitable Life Assurance Society: Compensation

Treasury written question – answered on 24th January 2011.

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Photo of Fabian Hamilton Fabian Hamilton Labour, Leeds North East

To ask the Chancellor of the Exchequer whether Equitable Life with-profits annuitants who are ineligible for full compensation will be able to claim some compensation if part of their annuities started after 1 September 1992.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

With profit annuitants (WPAs) whose policies commenced before 1 September 1992 did so before any maladministration could have affected their investment decisions. Accordingly, they did not suffer a loss in respect of which any compensation would be appropriate.

In order to be eligible, a policyholder must have had a policy which was invested in Equitable Life's with profits fund and must have paid a premium into that policy during the period between 1 September 1992 and 31 December 2000.

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