Budget 2013: Govt to make ex-gratia payments to elderly Eq Life customers

Announcing the measure in Budget 2013, Chancellor George Osborne said: "We are not doing this because we are legally obliged to do so, we are doing it because it is the right thing to do."A further £5,000 will be available to those policyholders who are in receipt of pension credit. Budget documents said: "These one-off payments are in recognition of the resulting pressures this very elderly group face, having not received the income they hoped for from their Equitable Life annuity. "Payments will be made in 2014-15 or earlier if possible."