The Government Compensation Scheme
On the 20th October 2010 the Government announced its intentions and commitment to a transparent and fair payment scheme of compensation, regarding the losses suffered by former Equitable Life policyholders.
An Independent Commission was set up by the Government to look at all the options on how the compensation will be paid. On 26th January 2011, the Commission's Advice to the Government was published. For further information please refer to the webpage developed by HM Treasury.
On 16th May 2011, the Scheme Design for Parliamentary Review was released to Parliament. This set out how the Scheme will operate and announced that it was the Government's ambition to start making payments from the end of June 2011. Payments started at the end of June 2011. It's anticipated that all eligible With-Profits Annuity policyholders can expect to receive their first payment by June 2012. Information about the Government's Equitable Life Payment Scheme can be found on their website:
The Scheme can be contacted on 0300 0200 150.
You may wish to refer to the following websites for further details: