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Equitable Life Assurance Society

Volume 507: debated on Tuesday 9 March 2010

To ask the Chancellor of the Exchequer pursuant to the answer to the hon. Member for South Dorset and North Poole of 2 February 2010, Official Report, column 212W, on Equitable Life, what preparatory work his Department has undertaken on details of a payment scheme; what directions Ministers in his Department have given to departmental officials on the preparation of such details; and if he will make a statement. (317585)

[holding answer 22 February 2010]: Sir John Chadwick expects to submit his final advice to the Government on an Equitable Life ex gratia payment scheme in May.

The Government recognise the importance of responding to this advice as quickly as possible. To accelerate this, HM Treasury has been working to develop aspects of scheme design in parallel to Sir John's work as far as possible. The Government will therefore be able to announce details of a payment scheme—fair to both policyholders and taxpayers—within two weeks of receiving Sir John's advice.