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Topics: Equitable Life| Mark Hoban| Treasury
The government is making 10,000 compensation payments to Equitable Life victims every week, Mark Hoban, financial secretary to the Treasury, has announced.
The number of weekly payments will be increased in the coming months in order to achieve the government's target of compensating all of the victims within three years, Hoban said.
The announcement comes after some Equitable Life investors complained only 10,000 of the 945,000 policyholders due compensation had received in December last year.
Hoban added payments to with-profits investors who annuitized after 1992, a separate group of Equitable Life investors, have also begun and 3,000 have received their money already.
The payments scheme, announced in May 2011 and started the following month, will pay out £1.5bn in compensation to most of the surviving victims of the Equitable Life collapse.
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| Comment | Treasury makes 10,000 Eq Life payments per week |
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the older equitable life customers are not being compensated at all.
It is not just the pre-1992 annuitants, it is all whose policies started before 1992. The Coalition cheated me when they put in the sneaky little clause to refuse any compensation to anyone whose Equitable Life pension fund was started before 1992. It was in 1987 when my final salary fund was transferred from my employer to Equitable Life. Equitable’s offer was a pension of around £14,000 which could be drawn some time after 2009. I have not drawn anything at all yet so my investment has stayed with Equitable from 1987 to this day. So I am not yet an annuitant. The fund has done so badly that their current quote of what they would actually pay me in an annuity is now around £1,400, a loss of 90%! So I am pre-1992 and I have certainly suffered from maladministration but will not receive one penny of compensation. The hypocrisy of Mark Hobden when he says publicly that he has been looking after the older pensioners first, but in reality he has put in a pre-1992 exclusion clause which cuts them all off at the knees!
Posted by: Peter Baker