Updated 6 December 2011 — Click on headlines for more
EMAG's AGM on 17 November in Birmingham was well–attended and heard a rousing speech from Fabian Hamilton MP on why EMAG must not give up campaigning, and offering advice to EMAG members on how best to influence their MPs.
We are seeing a dramatic increase in dialogue between EMAG constituents and their MPs, and the many letters we've seen indicate that the Treasury is feeling the pressure. Many MPs have asked awkward questions in Parliament, again prompted by their constituents.
Freedom of Information Requests are also turning up the heat on the Treasury, which is obviously deeply embarrassed at being found out on the pathetic delivery of compensation so far — less than 1,000 people out of one million.
The Treasury is also on the rack over the plight of the pre–1992 with profits annuitants (WPAs). Faced with the evidence from independent actuary David Forfar, they appear unable to provide a rebuttal. We await their formal response to the All Party Parliamentary Group (APPG) with interest.
We hear that our plight is a hot topic of conversation in the Parliamentary tearooms and there is a mood among MPs that ‘something must be done’. This is an improvement on the earlier belief in Treasury reassurance that Equitable's compensation has been ‘sorted’.
You can view an extract from MP Fabian Hamilton's speech here:
EMAG's regional team are holding a successful series of meetings for EMAG members around the UK. The meetings have attracted hundreds of delegates and campaigners. In the last few weeks meetings have taken place in Swindon, Orpington, Tunbridge Wells, Finchley and Beaconsfield. Coming shortly are further meetings in Oxford, Norwich and many other locations.
On 14 September, after Prime Minister's questions, about 50 MPs and assistants attended the latest Equitable Life all–party group session. They heard from EMAG's Paul Weir and then from eminent independent actuary, David Forfar, who summarised his thorough, fact–based analysis of what has befallen the pre–1992 annuitants.
EMAG's campaign
EMAG intends to carry on campaigning until fair compensation is awarded to the million victims of the Equitable Life scandal.
In the short term for the most elderly victims
We are campaigning to get MPs to insist that the 10,000 pre–September 1992 WP Annuitants are included for compensation, on exactly the same terms as those who took their WP Annuity after that date.
For the post–1992 Annuitants
For the 37,000 WP Annuitants who are to receive an alleged ‘100% of their relative losses’ we are campaigning for payments be made in a lump sum and not spread out thinly over five small annual payments up to 2016.
And for the VAST majority — 945,000 victims
95% of Equitable's with profits policyholders are not WP Annuitants. They are in line to get just 22% of the Treasury's calculation of their ‘relative losses’. Sometime by 2014 and without any interest paid from 2009 onwards. What happened to the 90% safety net we were promised when we took out our policies?
In today's dire economic climate more compensation isn't going to be top of the government's list of priorities, which is why EMAG is campaigning for a commitment that victims will receive the rest of their compensation entitlement when the economy recovers.
