The Financial Secretary to the Treasury, Mark Hoban MP, has confirmed that the first cheques will be sent to Equitable Life policyholders on Thursday 30 June 2011, meeting the Government’s commitment that payments will start by the end of June. Hundreds of policyholders will receive cheques in the coming weeks at the start of a three year payment programme, and the Government has set aside half a billion pounds for the Equitable Life Payment Scheme over the coming year.
Policyholders do not need to get in contact at this time – the Government will be writing to all the eligible policyholders it can by June 2012 to provide information about their personal status within the Scheme. In accordance with the Independent Commission on Equitable Life Payments’ recommendations, the Scheme will prioritise the oldest policyholders for earlier payment, along with payments to estates of deceased policyholders.
Because of the years of frustration and waiting that policyholders have endured, the Government has moved swiftly to make sure that the Scheme is in place as quickly as possible. The Government set aside £1.5 billion in the 2010 Spending Review for the Scheme, representing a fair deal for both policyholders and taxpayers