MSE News: Equitable Life to hand back millions

noh

No I don't believe it is in age order.
I received a cheque a couple of weeks ago. I'm 56. It was compensation in respect of a with profits pension plan.

More info here:-
http://equitablelifepaymentscheme.independent.gov.uk/faq/question71.htm

Thrugelmir

noh wrote: »

I received a cheque a couple of weeks ago. I'm 56. It was compensation in respect of a with profits pension plan.

Out of curiosity. Was the compensation you received worth the wait?

wendylit

Thanks noh - that was very helpful and I have printed it out to pass to him. He had a with profits annuity, so guess we'll wait and see.

skid112

have just recieved my compensation, off to the chip shop, then to get a tube of smarties

noh

Thrugelmir wrote: »

Out of curiosity. Was the compensation you received worth the wait?

I wasn't waiting for it.
It came as a pleasant surprise.
I moved the funds from Equitable some 8 years ago. I didn't really consider I had lost out to any great extent from having the Equitable with Profits pension.
An unexpected cheque for £2300 odd came in useful.

talexuser

Am I being incredibly cynical in thinking that the compensation was tardy in coming under labour administration perhaps because they thought not many of their supporters would be with Equitable, and that it appears relatively quickly during a mainly tory administration where perhaps they might think a lot of their supporters might have had a policy? (with apologies for the vast generalisations). Does it really take that many years to sort out?

Marie_Williams

Can anyone tell me if I will be entitled to compensation both my brother and I had money with them. He died in 2010. I had a "With Profits Bond". I drew it out on its 10 year anniversary as I was allowed to do this. It was the same year things went wrong. Is it just pensions or other savings as well? I did not get back what was projected but got my initial investment plus a bit more. My brother's was a pension.

atush

talexuser wrote: »

Am I being incredibly cynical in thinking that the compensation was tardy in coming under labour administration perhaps because they thought not many of their supporters would be with Equitable, and that it appears relatively quickly during a mainly tory administration where perhaps they might think a lot of their supporters might have had a policy? (with apologies for the vast generalisations). Does it really take that many years to sort out?

Yes, as parts of it went thru courts.

And I fail to see how or why a change of govt would affect the speed of them sending out comp

Onawingandaprayer

Received my small wedge last week. Rather a surprise as I'd transferred my small Equitable fund to AXA yonks ago, when the S%&" started hitting the F&%! Therefore thought the compo didn't apply to me.

They estimated I had lost about £2,100 in the deal and gave me a cheque for 22% of that, about £470. :beer: Better than a poke in the eye.

interesting that they'd tracked me down, as I'd moved four times since I had an Equitable plan.

woolly_wombat

The National Audit Office have released a report on the Equitable Life Payment Scheme and have stated that it "runs the risk of failing to meet payment targets and over-running on costs".
http://www.nao.org.uk/report/administering-the-equitable-life-payment-scheme-2/

Of particular concern is the estimate that 17 to 20 per cent of policyholders will not be found, despite tracing attempted by the scheme.

They are asking anyone who thinks they may be entitled to a payment to contact ELPS directly at:
http://equitablelifepaymentscheme.independent.gov.uk

Those who were in Equitable Life Group pension schemes, and beneficiaries of deceased with-profits policyholders appear to be particularly difficult to trace. Check the link above for eligible dates and policies.

WW