Equitable Life - Early Day Motions

House of Commons

Tabled 05 March 2020
2019-21 Session

That this House recognises that the Equitable Life scandal remains an ongoing and significant injustice; notes that the majority of victims are retired factory shop workers, nurses, teachers, civil servants and small business owners who diligently saved for their retirement; is concerned that 12 years after the Government accepted the Parliamentary Ombudsman's findings that a decade of maladministration by UK Government regulators led to one million pension savers suffering multi-billion pound losses, 95 per cent of Equitable Life policyholders have received only 22 per cent of the money they lost as a consequence of UK Government maladministration; seeks a commitment that victims will receive the missing 78 per cent of their compensation entitlement; seeks a further commitment that the 10,000 pre-September 1992 WP annuitants are compensated on exactly the same terms as those who took their WP annuity after that date; and therefore calls on the Government to urgently increase the available funding from £1.5 billion to £4.1 billion to reflect the Treasury's own calculation of the true cost of full compensation to all victims.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.