Equitable Life Payment Scheme

mssloan

Hi,

I have received a letter from the Equitable Life Payment Scheme stating how much I'm going to receive. It stated that I would receive a warrant "in the next few days". It has been nearly two weeks since this letter arived. Should I have received the warrant by now? If nothing arrives, what can I do about it?

mssloan

atush

I would call them? mine took two days from the letter.

Freecall

Mine arrived 2 days later as well.

hudswell

Mine took 3 days to arrive.

Definitely worth contacting them

hincyprus

Hi,
May I ask whether any of you are WPA holders?

There seems to be so much secrecy surrounding the payment scheme so I have one more question please:

When making the payment to any of you have the treasury taken into account the loss of fund value which we all suffered in the early years of the 2000's? As well as the yearly drops in the pension pament amounts.

I have a feeling I may well be dead before I receive any compensation!!!!!!

Makes me wish I was an Asylum Seeker.....

Thank you

H

Freecall

I think that the basis of calculation is extremely well documented although I don't understand a word of it. Basically we have been sent 22% of our calculated losses, it doesn't feel like much when you get the cheque.

The real scandal is that this is not a case of those looking for a fast buck losing out but ordinary people who took sensible actions to provide for their retirement.

At least I wasn't one of those who was already drawing a pension - those I feel really sorry for.

mssloan

Hi,

It has taken about two weeks but the warrant finally showed up yesterday, just when I was about to write a letter to send in. Thanks to those who took the time to reply.

mssloan

Pincher

After a twelve year wait, a cheque for around £1,100.

I wonder if we could have got 100% of the loss if it was 2006,
when Gordon Brown had loads of money.

atush

Gordon had his chance to give you the money, but he declined as he had other areas to waste the cash.

Be happy you got any at all, I am.

dlorde

I just got a payment notification letter, pretty much out of the blue. I had transferred my money out of Equitable Life on the downward slope, just before the whole thing tanked. I basically got back almost the same sum that I'd put in 7 years previously, effectively losing 7 years worth of interest. With inflation, I rescued a lot less in value than the original amount - which was a bit of a blow, but I thought I was one of the lucky ones to not lose even more. I didn't expect to be eligible for much in the way of compensation, if anything.

According to the letter, a comparable fund would have given me 23.86% more than I actually escaped with, so they're going to send me a cheque for 22.4% of the difference - which is a nice chunk of cash I never expected to see again!

kidmugsy

I got £300: it can go into the new car fund.