Equitable Life pensioners must apply for compensation

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12 Dec 2013
Rosie is urging constituents who had pensions with Equitable Life to make sure they get the compensation promised to them before time runs out.

The Equitable Life Payments Scheme was set up in 2011 to pay up to £1.5 billion to victims of the scandal, and more than £700 million has already been paid out.

Now Rosie believes – with officials planning to shut down the scheme in 2015 – many pensioners are at risk of remaining unpaid.

She said there could be as many as 400 people in her constituency missing out on thousands of pounds in compensation.

Nationally the figure is close to 200,000.

Rosie said: “Although 450,000 people have now received a compensation cheque, about 20 per cent remain untraced, and if people don't get their claim in they will miss out.

“It would be such a shame if pensioners miss out on the money that has been allocated to them.”

The near-collapse of Equitable Life in the year 2000 left hundreds of thousands of policy holders out of pocket. The Parliamentary Ombudsman then found that UK financial regulators had failed the firm's customers every single year throughout the 1990s.

So far the scheme had made payments totalling £734 million to 548,359 policy holders.

If you think you have an eligible policy but have not yet heard from the Scheme, you can first confirm that your policy is eligible for the Scheme by telephoning the Scheme's ‘Policychecker’ service on 0300 0200 150. Alternatively, write to Equitable Life Payment Scheme, PO Box 4110, Glasgow, G58 1EL, quoting your full name, address and your Equitable Life policy number in all correspondence.

The Scheme website can be found at: http://equitablelifepaymentscheme.independent.gov.uk/index.htm.

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Rosie Winterton MP for Doncaster Central
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