Spending Review: Eq Life with-profits annuitants to be paid in full

The government will cover the cost of the total relative loss suffered by WPAs, estimated at £620m. WPAs will receive this in the form of regular payments, based on their full loss. A total of £1bn will be allocated to the Equitable Life Payments Scheme in this Spending Review period, which will cover both the initial costs of the first three years of WPA regular payments, and all payments to other policyholders. The government expects the total amount of funding for the scheme to be "in the region of £1.5bn". Two thirds of this will be found in the current spending review perio...