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Commenting on the Coalition Government’s announcement that it has introduced a Bill to compensate Equitable Life policyholders, Co-Chair of the Liberal Democrat Treasury Policy Committee, Stephen Williams said:
“The Labour Government had 10 years to help the those who had their lives ruined by the collapse of Equitable Life and did nothing.
“In just 10 weeks the Coalition Government has taken real action to ensure that those who saw their pensions and life savings hit hard get the compensation they deserve.
“Liberal Democrats have long campaigned for proper compensation for Equitable Life policyholders and committed to it in our election manifesto. This announcement is further proof of our influence in Government.”
3 comments:
It has to be said that there were criticisms in the House yesterday about the delay in beginning payments, echoed by doubts as to the new government's good faith expressed to me by an Equitable Life member in Rhos.
At least there is now a firm commitment and timetable.
Frank Little
As further details emerged at the end of last week, it appears that the fears of Equitable policy-holders were justified. The Chadwick report, commissioned by the previous government, recommends repayments well below full value based on supposition about the psychology of those taking out Equitable Life pensions. It appears that Mark Hoban will rest his case than a lower than full payout on the Chadwick report.
David Prosser writes in The Independent: "why does Mr Hoban insist Equitable savers must wait until 2011 to start receiving redress? Many of the victims are elderly – one pressure group estimate as many as 15 victims are dying every day – and cannot wait for the money the Treasury admits they are owed. It should be possible to make some interim payments straight away, even if the argument about the total value of compensation continues for some time yet.
"As for that debate, Equitable's victims may just have to accept they are never going to win the full compensation they were hoping for. That said, even in the context of the lowest estimate of their loss – the £2.3bn to £3bn Sir John Chadwick suggested yesterday – £400m does not look generous."
Frank Little
There is further discussion on "Liberal Democrat Voice".
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