Question over share-out of Equitable cash
Policyholders who lost money in Equitable Life are being asked how compensation should be divided up between them.
The Chancellor has said people who lost money as a result of the problems at the mutual would share 1.5bn in redress; 37,000 with-profits annuitants, who are trapped at the society, will be compensated for their losses in full, leaving 500,000 policyholders with individual pensions and 600,000 with group pension policies to share 775m of the 1bn that will be paid out during the coming three years.
Now the Independent Commission on Equitable Life, which was set up by the Government, is asking for views on how this money should be distributed among non-with-profits annuitants, and if any group of policyholders should receive a larger share.