Following years of battling for fair treatment and compensation on behalf of Sutton’s Equitable Life pensioners, Andrew Mitchell MP has written to all those constituents who contacted him after they were affected by the fiasco to tell them that the Government has now published its Equitable Life Payment Scheme design document.
The Scheme sets out the details for repaying those who lost money following the near collapse of Equitable Life in July 2000, with the first payments scheduled to be made before the end of June this year.
Over the past decade over 200 of Sutton’s pensioners have approached Mr Mitchell for advice and assistance on the issue and he has continually made representations to Ministers and the Parliamentary Ombudsman on their behalf. Following the Payment Scheme’s publication last Monday, 16 May, Mr Mitchell immediately wrote to all of Sutton’s pensioners who contacted him on the issue, detailing what the Payment Scheme will mean for them.
The Equitable Life Payment Scheme design document sets out:
the Scheme rules;
the Scheme administration and timetable;
the methodology behind loss and payment calculations;
the Scheme’s approach to making payments;
the details of the queries and complaints procedure; and
the plans for communicating with policyholders.
Andrew Mitchell MP said, “Policyholders have waited more than a decade for compensation after Equitable Life came to the brink of ruin in 2000. More than 30,000 people across the UK have died over that time without receiving a penny because the Labour government resisted all attempts to come to a settlement.
“I am pleased that after a decade of delay and indecision by the previous Government, this Government has moved quickly to help policyholders. The Scheme will mean that fair and transparent payments will now be made to Sutton’s Equitable Life policyholders and marks a major milestone in the resolution of this long-running issue.”
Policyholders do not need to do anything at this stage – the Scheme will contact them in the first instance to provide further information.
Anyone seeking more detailed information should visit the scheme’s website, www.equitablelifepaymentscheme.independent.gov.uk, or dedicated call centre on 0300 0200 150. Both will provide guidance to policyholders as well as address any queries they may have. They will remain open for the duration of the Scheme.