Monday, 16 May 2011

Equitable compensation scheme announced

Equitable victims to receive compensation letters

The Treasury has published the details of how it will pay compensation after the financial problems suffered by Equitable Life.

Victims whose pensions were reduced will receive letters from next month explaining the payment they will receive and when the money will arrive.

Some of the heaviest losers will have their pensions topped up in full, starting during the next 12 months. They'll get back payments for income they have missed.

But the majority will share a pot of £775m, receiving 22.4% of their losses in a lump sum payment.

Priority payments have been promised for the oldest pensioners and the estates of those who have died. Others will be paid over the next 3 years.

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