Eq Life commission consults on compensation priorities

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 i...