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Equitable Life Assurance Society

HM Treasury written question – answered on 16th July 2015.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, if he will take steps to ensure that additional support and financial assistance is provided to Equitable Life policy holders to ensure full payments to all policy holders.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The Equitable Life Payment Scheme already pays the most vulnerable policyholders, the With-Profit Annuitants, their relative losses in full for the rest of their lives.

As announced in the Summer Budget, the Government will double the payments made to policyholders on Pension Credit who have received 22.4% of their relative losses. Work will continue with the Department for Work and Pensions to trace policyholders due a payment of £50 or more.

An ex-gratia payment of £5,000 was made to very elderly annuitants, known as Pre-92 annuitants, and £10,000 if on Pension Credit. These payments were made to relieve some of the pressures associated with living with a reduced annuity income.

The Government has announced the Scheme will close to new claimants on 31 December 2015 and no further changes are planned.

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