Equitable Life Assurance Society: Compensation — Written Question

Question

John Lamont

Conservative — Berwickshire, Roxburgh and Selkirk

To ask the Chancellor of the Exchequer, how much of the £625 million allocated for compensating Equitable Life with-profits annuity holders has been spent up to and including 2024-25; and how much was originally forecast to be spent on a (a) cash and (b)

Answer

Torsten Bell

The Conservative and Liberal Democrat Coalition Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The rema...

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