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1712888

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet colleagues and (b) officials in his Department on compensation and support for affected Equitable Life policyholders.
tabling member constituency	Mid Bedfordshire
tabling member printed	Alistair Strathern
uin	23080
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/04/2024 12:10:54 answering member 4639 label Biography information for Bim Afolami
tabling member	5000 label Biography information for Alistair Strathern

1690361

registered interest
date	20/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, What recent steps his Department has taken to ensure that Equitable Life policyholders are reimbursed.
tabling member constituency	Putney
tabling member printed	Fleur Anderson
uin	14967
answer	answer is ministerial correction date of answer 27/02/2024 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 27/02/2024 12:08:10 answering member 4639 label Biography information for Bim Afolami
tabling member	4788 label Biography information for Fleur Anderson

1688549

registered interest
date	08/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much his Department has paid in compensation to affected Equitable Life policyholders as of 8 February 2024.
tabling member constituency	Tooting
tabling member printed	Dr Rosena Allin-Khan
uin	13740
answer	answer is ministerial correction date of answer 19/02/2024 answer text <p>The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).</p><p> </p><p>At 31 December 2023, the total value of payments made by the Equitable Life Payment Scheme was £1,330,835,466.52.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 13741 question first answered 19/02/2024 12:19:14 answering member 4639 label Biography information for Bim Afolami
tabling member	4573 label Biography information for Dr Rosena Allin-Khan

1687929

registered interest
date	06/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that the total £1.5 billion allocated for the Equitable Life Payments Scheme is paid out to affected Equitable Life policyholders.
tabling member constituency	Chesham and Amersham
tabling member printed	Sarah Green
uin	13455
answer	answer is ministerial correction date of answer 19/02/2024 answer text <p>The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme (<a href="https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report" target="_blank">https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report</a>).</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 19/02/2024 12:22:05 answering member 4639 label Biography information for Bim Afolami
tabling member	4918 label Biography information for Sarah Green

1682410

registered interest
date	16/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to establish a new compensation scheme for Equitable Life policyholders.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	9810
answer	answer is ministerial correction date of answer 19/01/2024 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 19/01/2024 11:35:51 answering member 4639 label Biography information for Bim Afolami
tabling member	4122 label Biography information for Alex Cunningham

1665289

registered interest
date	17/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to ensure that any underspend of the allocated Equitable Life compensation will be distributed amongst policyholders.
tabling member constituency	Central Ayrshire
tabling member printed	Dr Philippa Whitford
uin	203001
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme (<a href="https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report" target="_blank">https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report</a>).</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/10/2023 07:40:38 answering member 4874 label Biography information for Andrew Griffith
tabling member	4385 label Biography information for Dr Philippa Whitford

1653883

registered interest
date	18/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much his Department (a) forecasted would be spent and (b) spent on compensation for Equitable Life policyholders at 2011 prices in each financial year since 2011.
tabling member constituency	Harrow East
tabling member printed	Bob Blackman
uin	194751
answer	answer is ministerial correction date of answer 26/07/2023 answer text <p>The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme (<a href="https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report" target="_blank">https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report</a>).</p><p><strong> </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/07/2023 12:58:26 answering member 4874 label Biography information for Andrew Griffith
tabling member	4005 label Biography information for Bob Blackman

1507806

registered interest
date	22/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, further to the methodology previously published, if he will take steps to publish the assumptions and intermediate calculations used in calculating the relative losses of Equitable Life policyholders following maladministration.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	54619
answer	answer is ministerial correction date of answer 11/10/2022 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The methodology for calculating payments to Equitable Life policyholders was published in 2011 and extensively reviewed and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at <a href="https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme" target="_blank">https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme</a>.</p><p><strong> </strong></p><p>The value of payments made to With-Profits Annuitants from the Equitable Life Payment Scheme in each financial year since 2019 is as follows:</p><p> </p><p>2019-20 £31,137,789</p><p>2020-21 £30,246,425</p><p>2021-22 £27,986,074</p><p> </p><p>The projected value of remaining payments to WPAs until 2050 is £251 million.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 54620 54621 question first answered 11/10/2022 09:48:14 answering member 4874 label Biography information for Andrew Griffith
tabling member	4518 label Biography information for Tulip Siddiq

1507807

registered interest
date	22/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will require Willis Towers Watson to publish the assumptions and intermediate calculations used in calculating the relative losses of Equitable Life policyholders following maladministration.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	54620
answer	answer is ministerial correction date of answer 11/10/2022 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The methodology for calculating payments to Equitable Life policyholders was published in 2011 and extensively reviewed and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at <a href="https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme" target="_blank">https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme</a>.</p><p><strong> </strong></p><p>The value of payments made to With-Profits Annuitants from the Equitable Life Payment Scheme in each financial year since 2019 is as follows:</p><p> </p><p>2019-20 £31,137,789</p><p>2020-21 £30,246,425</p><p>2021-22 £27,986,074</p><p> </p><p>The projected value of remaining payments to WPAs until 2050 is £251 million.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 54619 54621 question first answered 11/10/2022 09:48:14 answering member 4874 label Biography information for Andrew Griffith
tabling member	4518 label Biography information for Tulip Siddiq

1507808

registered interest
date	22/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of (a) the value of payments made to qualifying With-Profits Annuitants under the Equitable Life Payments Scheme for each year since 2019, and (b) the projected value of future payments to qualifying With-Profits Annuitants under the Equitable Life Payments Scheme to the year 2050.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	54621
answer	answer is ministerial correction date of answer 11/10/2022 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016. The methodology for calculating payments to Equitable Life policyholders was published in 2011 and extensively reviewed and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at <a href="https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme" target="_blank">https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme</a>.</p><p><strong> </strong></p><p>The value of payments made to With-Profits Annuitants from the Equitable Life Payment Scheme in each financial year since 2019 is as follows:</p><p> </p><p>2019-20 £31,137,789</p><p>2020-21 £30,246,425</p><p>2021-22 £27,986,074</p><p> </p><p>The projected value of remaining payments to WPAs until 2050 is £251 million.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 54619 54620 question first answered 11/10/2022 09:48:14 answering member 4874 label Biography information for Andrew Griffith
tabling member	4518 label Biography information for Tulip Siddiq