Annuities: Equitable Life victims to receive compensation sooner than expected

Compensation for Equitable Life With Profits Annuity ownersA Government scheme, to provide compensation to some victims of Equitable Life, is to be brought forward, so payments are made sooner than expected. The scheme announced in the Budget, is designed to compensation pensioners who bought With Profit Annuities from the beleaguered insurer before 1992. The original compensation scheme only paid out to victims who had bought their ...

Equitable Life compensation payments to start in summer

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.