Following the announcement in today’s Budget regarding, Rt Hon David Davis MP welcomes the promise of £5,000 to be paid to policyholders of pre 1992 With-Profit Annuities from Equitable Life.
“I welcome the announcement made by the Chancellor today which will see those who purchased With-Profit Annuities from Equitable Life prior to 1992 receive £5000 compensation.
The campaign for compensation has been long and often arduous. Many elderly constituents of mine have suffered unfairly with the collapse of Equitable Life. I am pleased that this Government have acknowledged the struggle that these policyholders have faced since losing their savings.
Whilst the flat rate is inevitably rough justice it will be welcome in these hard times to people who may well be quite poor.
I hope that the payment of £5000 with an additional £5000 being paid to those who receive Pension Credit, will help to ease the financial burden many have faced.