Equitable Life Payment Scheme upon death???

aderbyshirelad

Good afternoon ,

My Uncle recently passed away and it would appear that the payments due to him under the Equitable Life payment scheme will now not be paid in full to his estate. Instead it seems that the payments are now to be re-calculated up to the date of his death. I have had no dealings with or prior knowledge of the workings of the scheme, so please accept my apologies if these are silly questions.

Whilst I appreciate that this is probably completely normal, it seems rather unfair that my aunt will now not be receiving the full amount of compensation that had previously been agreed. This would seem especially true in the case of the 'past loss', of which there are still two components left 'owing'.

Has anyone ever tried to negotiate a higher settlement in such circumstances with the Scheme or is this a lost cause?

Many thanks in advance.

woolly_wombat

aderbyshirelad wrote: »

My Uncle recently passed away and it would appear that the payments due to him under the Equitable Life payment scheme will now not be paid in full to his estate. Instead it seems that the payments are now to be re-calculated up to the date of his death. I have had no dealings with or prior knowledge of the workings of the scheme, so please accept my apologies if these are silly questions.

It sounds as if your late uncle was a with-profit annuitant. Is that correct?

It's my understanding that payments to annuitants were to be spread over several years.

Have a look at the Equitable Life Payment Scheme website:
http://equitablelifepaymentscheme.independent.gov.uk/faq/index.htm#q2-1

There is also a contact number if you/your aunt need further clarification.

Compensation was paid in full to my late mother's estate (eventually), but she had a with-profits bond and was therefore only eligible for 22.4% of the 'relative loss'.

ww