Eastbourne MP Stephen Lloyd is calling on any constituents who had pensions with Equitable Life to make sure they get the compensation promised to them by the government – before it is too late.
The Equitable Life Payments Scheme was set up by the coalition in 2011 to pay up to £1.5 billions to victims of the Equitable Life scandal and £600 million has already been paid out.
But many people have moved without giving their news address and an alarming number seem to be unaware that they are entitled to a payment.
The Treasury is planning to shut down the scheme in 2014, with many pensioners at risk of remaining unpaid.
Potentially there are more than 400 people in Eastbourne alone missing out on thousands of pounds in compensation.
Nationally the figure is close to 200,000.
The Parliamentary Ombudsman found that UK financial regulators had failed the firm’s customers every single year throughout the 1990s.
The Ombudsman called on the government to pay compensation to the victims of the scandal but it was not until 2010 that the new government committed in the coalition agreement to make payments to the 1.5 million people affected.
Mr Lloyd said, “Although 450,000 people have now received a compensation cheque, about 20 per cent remain untraced and if people don’t get their claim in quickly, they will miss out.
“It would be dreadfully sad if having worked all their lives, these 200,000 pensioners continue missing out on the money that has been allocated to them.”
Contact 0300 0200 150 or write to Equitable Life Payment Scheme, PO Box 4110, Glasgow, G58 1EL.
Thshed out, so do please keep an eye open for updates. But if you are one of the
original eligible claimants, make sure you get in touch with the scheme as soon as possible.”