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Equitable Life Payment Scheme

Volume 593: debated on Tuesday 24 February 2015

As of 31 January 2015, the scheme has now issued payments surpassing £1 billion to 896,367 policyholders.

The figures are broken down as follows:

412,445 payments to individual investors have been issued totalling £560.3 million. 37,764 with-profits annuitants (WPAs) or their estates have been issued payments by the scheme. These initial and subsequent payments total £271.4 million.

446,158 payments totalling £169.3 million have been issued to those who bought their policy through their company pension scheme.

There are now approximately 142,000 policyholders who are due a payment but where the scheme has not yet been able to trace or validate their address.

The scheme has gone to significant lengths to trace eligible policyholders. It remains committed to tracing and paying as many eligible policyholders as possible, and will continue to consider all proportionate actions it can take to do this, including working with the Department for Work and Pensions.

The scheme encourages any policyholders who believe themselves to be eligible to call the scheme on: 0300 0200 150. The scheme can verify the identity of most policyholders on the telephone, which means any payment due can usually be received within two weeks.