Updated 20th November, 2015

EMAG exists to campaign for full government compensation. Will members of EMAG please note that because of pressure of work we regret it is not possible to answer individual written enquiries.

Backbench MPs and EMAG members converse in the Commons at the joint APPG/EMAG reception on 3rd November, 2015

Latest quote:

“...I can tell you that I have been lobbying behind the scenes. One of the other roles that Paul did not mention is that I have been elected as the Secretary of the 1922 Committee. Now, the 1922 Committee is the committee that represents Conservative backbenchers and, equally, Cheryl Gillan is Vice Chairman of the Committee as well, and the key role that the 1922 Committee fulfils is setting up the rules for the election of a party leader. Now, David Cameron, our Prime Minister, has announced that he will step down during this Parliament some time and will elect a new leader of the Conservative Party - I suggest that gives us quite an opportunity to press the case, particularly with certain people who may wish to be candidates for that position and may have their hands on the levers of power at the moment.

So in the background I have pressed the case for increasing the amounts of compensation being paid out. Now, I was explaining this to some colleagues earlier this week but it's worth bearing in mind saying when we talk about justice for Equitable Life policyholders it is not a simple fact of saying, “There are a million policyholders...,“ and therefore they all are entitled to the same amount of money,” because we have a position whereby we've got the pre '92 trapped annuitants who received some compensation, not full compensation, not in comparison to their loss at all, just as a one-off payment, so they're clearly left at the moment out of pocket completely...

Bob Blackman MP The Conservative Party's Joint-chair of the “Justice for Equitable Life Policyholders All-Party Parliamentary Group.” (APPG) Extract from his keynote speech to EMAG's AGM on 5th November 2015 at the new City of Birmingham Library.

APPG reception in the Commons

On the afternoon of 3rd November the Justice for Equitable Life Policyholders Group (APPG) and EMAG held a reception to thank backbench members for their support. EMAG's President Honor Blackman, Equitable CEO Chris Wiscarson and about 20 EMAG members from across the UK, were able to tell their own experiences to more than 50 MPs who attended. There are now 163 backbencher MP members of the APPG. Is yours one (and if not, why?).

Treasury update - the same day!

What a coincidence (!) that on that very same day the Treasury chose to put out an update, stating that £1.08bn had been paid out to 30th September. But implicit in the announcement is that 124,834 eligible policyholders have NOT been found but the Scheme will close on 31st December.

The following day an update guide was published on the Treasury's own website here.

Are you eligible for Pension Credit?

If you think you may be eligible for Pension Credit, and have already received a 22.4% ELPS payment, you could be eligible for a second 22.4% payout. If this fits you, you should immediately answer the questions here.

This should not be confused with the flat rate payment to pre-1992 WPA policyholders in receipt of pension credit who received a one-off double payment in 2013.

However, if you are an Equitable Life with-profits annuitants (with your pension paid by The Pru) you do NOT qualify, since it only applies to those WP policyholders who only received 22.4% of their acknowledged losses.


On 5th November, EMAG held its 15th AGM. This time it was at the new Library of the City of Birmingham. At the meeting, director Colin Downes stood down and the appointment of new directors George Brownlie and Colin Williams was ratified. Several dozen EMAG members from the country attended and heard our keynote speaker, Conservative joint-chair of the APPG, Bob Blackman MP. Interesting to note that on that same day the Treasury lodged in the Commons Library an Equitable Life briefing, running to 15 pages and well worth reading here.

EMAG membership renewals

It is very heartening that many thousands of EMAG's loyal members have already chosen to renew their membership actively encouraging EMAG to persevere on their behalf to continue the fight for proper compensation.

EMAG's successful Westminster Rally, 22nd October, 2014

EMAG's campaign objectives

EMAG will campaign until fair compensation is awarded to the million victims of the Equitable Life scandal.

For the majority 945,000 victims

95% of Equitable's with profits policyholders have received just 22% of the Treasury's calculation of their ‘relative losses’ without any interest paid from 2009 onwards.

With the economy at last recovering, we are campaigning for a commitment that victims will receive the missing 78% of their compensation entitlement. This is EMAG's main focus for 2014.

For the pre–1992 WP Annuitants

We are campaigning to get MPs to insist 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. We view the current flat rate £5,000 as a welcome down–payment.

For the post–1992 Annuitants

For the 37,000 WP Annuitants who are receiving an alleged ‘100% of their relative losses’ we are pressing the Treasury for a better explanation of how the payments have been calculated, to ensure that they are demonstrably fair.