In today’s Budget, the Government announced that it will be making ex-gratia payments of £5,000 to Equitable Life policyholders who bought their annuity before 1992.
The Government will also make an extra £5,000 available to those on the lowest incomes who are on pension credit. There is no legal obligation to make either of these payments.
Bob Neill welcomed the news, saying:
‘The Conservative party has always sought to reach a compromise that is fair to those who had been let down when Equitable Life failed. Today’s announcement is testament to those efforts and it shows that the Government has been listening to the countless representations from elderly policyholders who bought their With Profits Annuity from Equitable Life before 1992.’
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