Equitable Life Assurance Society: Compensation

Treasury written question – answered on 8th September 2014.

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Photo of Richard Fuller Richard Fuller Conservative, Bedford

To ask the Chancellor of the Exchequer if he will distribute any remaining funds in the Equitable Life Payment Scheme to Equitable Life victims at scheme closure.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

No decisions have been taken. As reported in the Scheme’s July Progress Report, the Scheme has now issued payments of around £972.9 million to 877,414 policyholders. In the context of Scheme’s £1.5 billion allocation, which includes funding for the continuing annual payments to With-Profit Annuitants, the Scheme has made good progress in tracing policyholders. However, the Scheme remains committed to finding and paying as many eligible policyholders as possible prior to its closure. Any decision will therefore be taken at the end of the Scheme, taking account of ongoing challenges facing public finances at that time.

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