Equitable Life payments
HM Treasury has recently released an update regarding the payments to Equitable Life policyholders.
Pre September 1992 Equitable Life With-Profits Annuity policyholders
The Chancellor announced in the Budget 2013 that the government would make the following goodwill payments:
- £5,000 to people with one or more with-profits annuities from Equitable Life which started to be paid before 1 September 1992.
- Another £5,000 to those policyholders who were also getting Pension Credit on 1 November 2013.
The payments were made in December 2013.
If you are not eligible for one of these payments but think you could be eligible for the main Equitable Life Payment Scheme, you can ring the helpline on 0300 0200 150.
The government understands that policyholders' financial circumstances are different, and so has concentrated first on those in greatest need. A person who gets pension credit will already have been assessed as having a low income.
If you are an eligible policy holder and also were getting pension credit in November 2013, but only received £5,000 in December 2013, you should contact HM Treasury using the details in the Treasury's letter sent to you in December.
Payments to those who have died
The government has decided not to make payments to those who had died by the date of the Budget announcement. This is so that more money is available for people who are still alive. However, if a person receiving an annuity died after the announcement on 20 March 2013 but before getting their payment, the payment will be made to their estate.
However, only £5,000 will be paid, even if the policyholder was getting pension credit.