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MSE News: Equitable Life victims to get compensation early
Former_MSE_Helen
Posts: 2,382 Forumite
"Victims of the Equitable Life scandal will receive £5,000 in compensation a year early, the Government has announced..."
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Equitable Life victims to get compensation early
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Equitable Life victims to get compensation early
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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And of course many many of those dealt with inequitably by this S&P AAA+ rated company have died...0
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I was one of the lucky ones who got out as soon as I smelled a rat, I still lost money from my pension pot, but luckily not as much as some of the other "Investors".
Today I received a letter detailing how much I would recieve in compensation, 22.4% pro rata of what I lost.
If you were in the equitable Schemes and think you believe that your funds were mis-managed and you havent been contacted then get onto the Equitable life Payment Scheme, P.O. Box 4110 Glasgow G58 1EL tel: 0300 0200 150
check out http://equitablelifepaymentscheme.independent.gov.uk/0 -
Yesterday I received a letter detailing how much I would receive in compensation - 22.4% pro rata of what I lost "to be fair to the tax payer". Well, it wasn't very much before the pro rata downgrading (£648 down to £143) but I want to know who pocketed my other £500. And everyone else's 77.6% - how much does that add up to?0
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I too have just received my 22.4% compensation & have the same questions as the previous poster:
1. how was this set at 22.4% to leave us all 77.4% out of pocket to a comparable product?
2. is there anybody out there with advice on whether there are any grounds to claim the remaining shortfall, in my case I'm still £1200+ out of pocket to a comparable fund
Thanks in advance0 -
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Answering this a little late but the 22.4% pro-rate was set in January 2011. But its taken an unbelievable amount of time messing around to pay out.retiredream wrote: »I too have just received my 22.4% compensation & have the same questions as the previous poster:
1. how was this set at 22.4% to leave us all 77.4% out of pocket to a comparable product?
http://www.which.co.uk/news/2011/01/equitable-life-compensation-details-published-243589/0 -
Seems like us who invested after 1992 are the biggest losers. My pot of nearly £9000 gives me a 'compensation' cheque/warrant of the grand sum of £232.
Fiddling with figures means we all lose out as taking a mythical Loss from the two sums of 'what my pension was worth at collapse of EL' and 'what it would be worth IF my pension was with another provider' is just more sleight of hand. The difference of the 2 figures is then made up with an 'interest' figure which seems low considering how many years since the collpase. The grand total of 'losses' is then divided and we are given the 22.4%. After waiting all these years to see if I could get anything at all, pestering and taking part in protests I'm now wondering whether I should have bothered.0
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