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There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and 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.
The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at https://www.gov.uk/government/publications/equitable-life-payment-scheme-design.
Relevant records will be retained as long as it is legal to do so.