Updated 25th June 2018


The fund uplift announced in the press ONLY applies to CURRENT members of Equitable Life.
It is in no way connected to EMAG's ongoing campaign for £2.6 billion Government compensation.

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.

Recent Press Quote

“Around 261,000 people will share in a £1.8bn payout after Equitable said it would transfer its business to a separate insurer, Reliance Life, and unlock the capital tied up in funds.

The windfalls will mean that those customers who clung on after Equitable nearly went bust in 2000 will eventually see a profit on their policies. But around 800,000 former policyholders who were shifted to other providers or encouraged to cash in and accept their losses will not get anything.

Paul Braithwaite, whose Equitable Members Action Group has led an 18-year campaign for compensation, said policyholders who left Equitable still remain £2.5bn out of pocket.

“Equitable has crafted an elegant termination strategy for the small number of remaining members, but it will be no benefit to the vast majority of victims. If the remaining members vote in favour of this deal, they are likely to come out ahead. But for every one of them, there are five who left the society who are much worse off...”

Patrick Collinson in The Guardian, 15th June, 2018

Equitable announces prospective sale and closure

On 15th June The Equitable Life announced the Society’s prospective sale to Reliance Life and subsequent closure. If the sale is supported by the remaining members and ratified by the Court, then the members will receive late in 2019 an uplift of circa 70% to their guaranteed fund in return for relinquishing their guaranteed investment return (GIR) of 3.5%pa.

See a cross section of press coverage here.

This is a definitive description on the Society’s own website.

EMAG has a campaigning website

EMAG's new “outward facing” campaign website is ready at www.emag.today. It includes some simplified information on the campaign and several video clips featuring EMAG members.

News of the APPG

The all-Party Parliamentary Group for Justice for Equitable Life Policyholders (APPG) continues to grow - now at 231 MP members. Is yours one? The group’s AGM will be held in the morning of Wednesday 17th July in Portcullis House.


This year, EMAG’s 18th AGM will move back from Birmingham to a central London venue, on the afternoon of Wednesday 14th November. Members should note the date.

With-profits annuitants - a history notes

It was the previous Equitable Life board that took the disastrous decision to sell 50,000 with-profits annuitants' contracts in 2007 to the Prudential. EMAG's then chairman, John Newman, went into Court to contest the terms of the sale but to no avail. The Prudential moved the annuitants' £1.8bn fund largely into equities at arguably the worst possible time - which has led to years of miserable cuts to those annuities - but for which the current board of Equitable bears no responsibility. It is legally obligated to run the Society for the benefit of its current members.

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.