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Written question asked by Charlie Maynard (Liberal Democrat) on Tuesday, 30 June 2026, in the House of Commons. It was due for an answer on Thursday, 2 July 2026. It was answered by Torsten Bell (Labour) on Tuesday, 7 July 2026 on behalf of the Treasury.

Equitable Life Assurance Society: Compensation

Question

To ask the Chancellor of the Exchequer, what discount rate was applied to the sum allocated for compensation payments to Equitable Life With-Profits Annuitants in 2010.

Answer

The Liberal Democrat Conservative coalition government chose to allocate £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).

Information on how the Scheme was designed and funded can be found in that report, and in the Scheme Design document at:
www.gov.uk/government/publications/equitable-life-payment-scheme-design

Secondary information

Type
Written question
Reference
14708
Session
2026-27
Grouped for answer
Yes
Subjects
Compensation Discounts Equitable Life Assurance Society
Contains statistics
Yes
Link
View this Written question on www.parliament.uk