Many Equitable Life policyholders will receive compensation for their losses over the next five years.
But the government will take a further year to inform annuitants if they are eligible for compensation.
Compensation payments to the victims of the Equitable Life collapse will start by the end of June.
Just under a million policyholders will be offered £775 million. A further 37,000 with-profits annuitants will share a £620 million pot - all of the payments will be spread out over a five year period.