Govt sets Christmas date to end new Equitable Life redress claims

The Equitable Life Payment Scheme, which began making payments in 2011, has paid out over £1bn to around 87% of eligible policyholders. It will close to new claims on 31 December 2015, according to documents released in Wednesday's Summer Budget. As part of this, the government will undertake a further effort to trace remaining policy holders due £50 or more. With profits annuitants will continue to receive annual payments under the Scheme for their lifetimes. However, the government also announced that eligible policyholders in receipt of Pension Credit will see their lump sum ...