The Independent Commission on Equitable Life Payments has published a discussion paper asking how funding to non with-profits annuitants should be allocated and prioritised.
The government announced in its Spending Review on October 20 it would make about £1.5bn available for the Equitable Life Payments Scheme. Around £1bn of this figure would be paid out in the first three years of the review period.
It also explained it would cover the full cost of relative losses to policyholders with with-profits annuities and their estates.
The independent commission has been asked to provide advice on how funding of £775m over the next three years should be allocated among almost 500,000 holders of individual policies and 600,000 group pension policies. This will include deciding whether the timing of any payments should be prioritised.
It has been asked to provide its advice to the government by the end of January 2011.
Commission chairman Brian Pomeroy says: "The commission realises policyholders have strong views on this subject and we urge all interested parties to read the discussion paper.
"This is an important opportunity to make their views known on how funding to policyholders, other than with-profits annuitants, should be allocated and prioritised in the Equitable Life Payments Scheme."
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