Updated 20th July, 2017

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.

A short video which explains what EMAG is fighting for.

Quote following the General Election:

Dear Mr Barclay,

I am writing on behalf of the Equitable Members' Action Group (EMAG) to congratulate you on your appointment as city minister, the Economic Treasury to the Secretary……

You will, however, not be aware that the payments made to date have not been transparent and our own members’ evidence is that many have turned out to be incorrect. Despite the PAC's instruction, policyholders to this day cannot understand or check the validity of the calculation for the payments that they have received. The Treasury has therefore demonstrably not abided by the PAC's recommendations.

Of the £4.3bn that our Government has acknowledged was policyholders' losses directly attributable to regulatory failure, less than 35% of that sum was committed in 2010 as compensation. While 39,000 with-profits annuitants received (theoretically) 100% of their relative losses, over 900,000 pension savers have thus far received derisory compensation of just 23% of their loss. A gross unfairness remains. Until it is resolved responsible pension savers, their families and friends will continue to have no confidence in our political and regulatory system……

People who did the right thing by saving for their own retirement have been badly let down. EMAG believes that now is the appropriate time for Equitable Life policyholders to be fully compensated for the relative losses which the Government has accepted they have suffered.

EMAG would therefore welcome the opportunity to meet with you at the earliest opportunity to discuss the failures of the Equitable Life Payment Scheme and how to redress the outstanding injustices to Equitable Life victims. I look forward to hearing from you shortly.

Extracts from EMAG's letter to the new City Minister, 16 June 2017

It's all change at Westminster

As Parliament breaks for its summer recess (until 5th September) the government is in chaos, with a wounded PM and the Cabinet in disarray. This vulnerability has already led to two cross-party successes achieved against the weakened government, namely Free abortions for pregnant Northern Irish women and a newly announced Inquiry into contaminated blood having caused 2,400 deaths. This bodes well for Equitable Life’s victims who enjoy the backing of backbenchers from all Parties.

The APPG group has re-formed

Against this backcloth, the “Justice for Equitable Life Policyholders” APPG group held its first formal meeting in the new Parliament on 12th July.

The group has retained the same joint chairs Bob Blackman and Fabian Hamilton. Lib Dem Stephen Lloyd, having been re-elected to his seat in Eastbourne, is back as the APPG group's Secretary. And EMAG welcomes Mhairi Black MP as the SNP's new representative and as a deputy Chair (along with the Tory MP Sir Peter Bottomley MP and Baroness Kramer).

Thus far, the re-formed group has 185 MP members - some of the group’s members from the last Parliament having been promoted or having left the Commons.

Joint chairs Bob Blackman and Fabian Hamilton at the formal APPG meeting on 12th July, 2017

Joint chairs Bob Blackman and Fabian Hamilton at the formal APPG meeting on 12th July, 2017

ELPS payments failure?

A number of EMAG's overseas members have been complaining to us that their WPA annual payment from the ELPS scheme due to be paid by cheque in May has not been forthcoming. All The Treasury will say is that they should write to the new scheme address in Darlington:

Equitable Life Payment Scheme
PO Box 414
11b Lingfield Point

The Treasury adamantly resists giving out any phone number but administration has quietly been switched to being run by Capita. Although the official version is that all outstanding cheques were despatched by the end of June, EMAG has been made aware that certainly several cheques had not been received by 10th July. And the important question remains as to why WPAs who are due an annual top-up compensation payment from the government have received this year's payment several weeks late and without any prior notification.

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.

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 seeking dialogue with The Prudential to see why annuity payments continue to fall every year.