Equitable Life policyholders came a step closer to finally receiving compensation today, as the Treasury laid out its plans for its £1.5bn Payments Scheme.
Mark Hoban, financial secretary to the Treasury, promised this month the government would begin paying out to Equitable victims by the end of June. Today the government has set out the formula it will use to calculate compensation levels for different Equitable investors, including group pension scheme, with-profits and with-profits annuity policyholders. During the 2010 spending review, George Osborne said the government would set aside £1.5bn for compensation for Equitable Life victims. "When payments start in the middle of this year it will be a huge milestone for the policyholde...
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