Updated 25th September, 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.
EMAG director of communications, Paul Weir, with the SNP pensions spokesman Ian Blackford MP on 8th September, 2015
Latest important press article
“Equitable Life compensation deadline looms.
Time is running out for up to 130,000 Equitable Life policyholders to come forward and claim compensation for losses related to the near-collapse of the world’s oldest mutual…
However, with the scheme closing in three months, there are concerns for 130,000 policyholders, including 100,000 members of company pensions, who have not been traced by officials running the compensation scheme.
“The government is closing the scheme to new claims on December 31, so you only have three months before it’s too late,”said Paul Weir, spokesman for the Equitable Members Action Group.
The group has criticised the Treasury for doing “too little too late” to trace missing members of company trustee schemes which were invested with Equitable Life. In many cases the schemes have closed and the trustees cannot be traced, EMAG said.
“It’s a shame the Treasury didn’t move faster to contact company schemes when they were still operational,” said Mr Weir.
For eligible policyholders to receive a payment, their policy must have made a “relative loss”, allowing them to receive receiving 22.4 per cent of the loss as a tax-free lump sum. Compensation claims can be made on behalf of deceased policyholders up until the December 31 deadline…
To register a claim, policyholders should call the Equitable Life Payment Scheme on 0300 0200 150
The summer: A political cul-de-sac
Some members have asked why EMAG has been strangely quiet over the summer. The answer is the impossibility of swimming against the tidal wave of Labour's machination and the elevation of Jeremy Corbyn, which drowned out any opportunity for serious discourse. Hopefully, that is dying down as Mr Corbyn faces his first Party Conference as Leader. Read a succinct summary by Peter Mandelson in The Guardian.
ELPS Compensation Scheme: closure details
Pressure from EMAG resulted in an extension to the Equitable Life Payment Scheme (ELPS) until 31st December. In addition, all Non-WPAs eligible policyholders on Pension Tax Credit will be sent early in 2016 another 22.4% of their compensation. In other words the poorest will receive 44.8% compensation. If you ARE eligible for Pension credit but not yet registered, you should do so asap. The best way to find out if you are eligible is by calling the Pension Credit claim line: 0800 99 1234
For full details on the ELPS closure, go to;-
Note that the vast majority of 945,000 policyholders will receive nothing extra under current plans.
The ELPS Scheme closure does NOT affect the payment of pensions to WPAs
It is important that with-profits annuitants understand that this closure has no bearing on the stream of compensation cheques, which will continue to be paid annually for as long as the annuitant lives.
EMAG’s Report & Accounts and AGM
The annual report for EMAG’s 15th year has gone to print. It should be received by over 10,000 EMAG members in early October, who are invited to re-subscribe and attend our AGM on the afternoon of Thursday 5 November, which will be held this year in the swishy new Birmingham Library
All Party Parliamentary Group (APPG)
The All-Party Parliamentary Group for Justice for Equitable Life Policyholders (APPG) has been reformed and, at present, consists of 141MPs and one member of the Lords, Lib Dem – Baroness Kramer. Is yours yet signed up? If not, please, do ask them politely but firmly to support your sense of injustice by signing up. Read more here.
EMAG is aiming to recruit over 200 MPs committed to our cause and hopefully that will be enough to help encourage the Conservative Government (with a slender majority of 12) to be more agreeable to paying our full compensation.
EMAG met the Scottish Nationalists’ spokesperson
On 8 September EMAG directors Paul Weir and Paul Braithwaite met the SNP’s designated spokesperson on Pensions, Ian Blackford MP, to encourage new Scottish MPs to support the cause.
Commons debate on Equitable compensation
On 26 February the Backbench Business Committee dedicated one of its privileged debates to Equitable Life, and the Motion demanded that there be a commitment in the next Parliament to pay out the compensation in full, as the economy recovers. 37 MPs spoke and only the Minister responsible, Andrea Leadsom MP, maintained the government's position. At the end of the debate there was a unanimous vote to adopt the motion, which read:
“That this House congratulates the Government on providing a scheme to compensate victims of the Equitable Life scandal; welcomes the Government's acceptance of the Parliamentary Ombudsman's findings in full; notes that the Parliamentary Ombudsman recommended that policyholders should be put back in the position they would have been had maladministration not occurred; further notes that most victims have only received partial compensation compared to the confirmed losses; and calls on the Government to make a commitment to provide full compensation during the lifetime of the next Parliament as the economy and public finances continue to recover.”
All in all, a triumph! And great credit to the three-man APPG Executive officers, all of whom spoke well in our favour.