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Financial services
Equitable Life
16 May 2011
Equitable Life Payment Scheme - important next steps
Following the report by the Independent Commission on Equitable Life Payments, the Government has examined how the principles of the Commission’s advice could be applied in practice. The Government has now published the Equitable Life Payment Scheme design document, which sets out the detail of the Scheme design.
The design of the Scheme has been guided by the principles of fairness, transparency and simplicity. In addition to the Independent Commission’s advice, the Government has taken account of evidence and arguments received in response to the Government’s call for representations following the publication of Sir John Chadwick’s advice, and associated actuarial analysis.
As previously announced, a sum in the region of £1.5 billion will be available to the Scheme in total. It will cover the full losses suffered by eligible With-Profits Annuity policyholders, while other policyholders will receive a pro rata share of the £775 million set aside for them in proportion to the size of their losses.
Useful links
- The Equitable Life Payment Scheme design – main document including brief summary (PDF 578KB)
- The Equitable Life Payment Scheme design – technical annex (PDF 521KB)
- Press notice 49/11: Treasury sets out how Equitable Life Payment Scheme will work
- Frequently asked questions
- ICELP report
- Press notice, 26 January 2011
- The Office of Sir John Chadwick website (archive, opens in new browser window)
- Letter from Towers Watson to Financial Secretary to the Treasury advising on change in loss figures (PDF 45KB)
- Letter from the Financial Secretary to the Treasury to the Chair of the ICELP re: change in relative loss figures (PDF 216KB)
- Financial Secretary's statement to the House of Commons, 20 October 2010
- Financial Secretary’s letter to the Independent Commission on Equitable Life Payments (PDF 1MB)
- Letter from Towers Watson to FST, 19 October 2010
- Financial Secretary's written statement to the House of Commons, 22 July 2010 (Parliament website, opens in new window)
- Equality Impact Assessment (PDF 14KB)
- Delegated Powers memorandum (PDF 33KB)
- Letter from Sir John Chadwick to Financial Secretary, July 2010 (PDF 35KB)
- Sir John Chadwick's report, July 2010 (Office of Sir John Chadwick website, opens in new window)
- Towers Watson's letter to the Financial Secretary, 21 July 2010 (PDF 105KB)
- Towers Watson's actuarial advice to Sir John Chadwick 14 July 2010 (PDF 5.7MB)
- Terms of Reference for the Independent Commission on Equitable Life Payments - (PDF 59KB)
- Letter from Sir John Chadwick to the Financial Secretary explaining the delay to the final report - 25 May 2010 (PDF 83KB)
- Read Mark Hoban's written ministerial statement on Equitable Life - 26 May 2010 (Parliament website, opens in new window)
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