MP keeps up the pension struggle

THE FIGHT to compensate the hundreds of locals who lost out during the collapse of a pension scheme is continuing – with Eastbourne’s MP keeping up the struggle in Parliament.

Policyholders were left reeling when the pension scheme, which was at one time ranked the best available in the UK, went belly up back in 2000.

Since then the struggle to recoup lost customer cash has been one of the longest-running financial scandals of the last decade, rivalling that of the infamous Farepak Christmas collection saga.

Stephen Lloyd, MP for Eastbourne, says he was inundated with complaints from locals who had been affected by the crash and promised to keep doing all he could to make sure they were properly compensated.

Integral to that has been his work on the cross party Justice for Equitable Life Policyholders Parliamentary Group – which met again this week.

The first compensation cheques were sent out to former policy holders back in June last year, and Mr Lloyd is confident everyone will get the settlement they deserve.

Mr Lloyd has met with Mark Hoban MP, first secretary to the Treasury, and stressed how unacceptable the current delays are in the delivery of the compensation scheme.

Not all policy holders are eligible for compensation after it was decided that about 435,000 people who paid into the scheme did not in fact lose any money, while another 100,000 lost less than £10 each.

Speaking to the Herald, Mr Lloyd said he welcomed the Coalition’s work in reaching a settlement, but added, “I will continue to lobby for a fairer level of compensation, while pushing on behalf of the pre-1992 annuitants.”