20 March 2013
The Government will make ex-gratia payments of £5,000 to Equitable Life policyholders who bought their annuity before 1992, today’s Budget has revealed.
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.
Peter Aldous welcomed the news, saying:
‘It was good news that two years ago the Government set aside £1.5 billion to help those constituents who had been let down when Equitable Life failed.
‘It is now particularly welcome that another 9,000 people across the country are receiving help.
‘It took nearly a decade for the last Government to own up to their responsibilities. This Government has acted immediately. This will make a huge difference to the many older people who were affected in Waveney.’
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.
Peter Aldous welcomed the news, saying:
‘It was good news that two years ago the Government set aside £1.5 billion to help those constituents who had been let down when Equitable Life failed.
‘It is now particularly welcome that another 9,000 people across the country are receiving help.
‘It took nearly a decade for the last Government to own up to their responsibilities. This Government has acted immediately. This will make a huge difference to the many older people who were affected in Waveney.’
