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Wednesday, February 21, 2024
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    ‘Equitable Life lost my pension – and now I can’t even get compensation’

    Dear reader,

    Around 1,000,000 people suffered serious losses and reduced pension payments in consequence of the collapse of Equitable Life, which could lay claim to being the most important pension scandal in living memory, and continues to impact many individuals’s lives – including yours.

    You might be correct that the Coalition government offered a compensation fund. It passed the Equitable Life (Payments) Act 2010, which established a £1.5bn compensation scheme for affected policyholders – far lower than the £4-£5bn estimate for what was owed. 

    The Parliamentary Ombudsman concluded that victims’ losses were directly attributable to a decade of significant, serial regulatory maladministration and not only the fault of the corporate. 

    The inadequacy of the compensation fund, after the Ombudsman further judged that victims should receive full compensation, stays an enormous issue. People have died waiting for payouts which have never materialised. 

    The compensation scheme closed at the top of 2015 and unfortunately, there’s little you possibly can do to assert further compensation from it. 

    Nonetheless, there remains to be pressure for full compensation for the 1000’s of others in an analogous position to you thru the Equitable Members Motion Group (EMAG), and the all-party parliamentary group for justice for Equitable Life policyholders, chaired by Bob Blackman MP, which has 300 MPs as members. 

    Slightly than continuing to request the complete compensation, this group recently tried a distinct approach by requesting more information from the Treasury on how payouts were calculated, believing that the methodology wasn’t clear, and stating that some policyholders with very similar circumstances were being paid different amounts. 

    So, one possible avenue to go down could be to analyze how your payout amount was calculated by asking for this information. 

    Or in case you prefer, you might pass details of your case to the campaign group. This work is ongoing and might be your best likelihood of receiving the next payout, in time.  

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