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Document What is the Equitable Life Payment Scheme?

The Equitable Life Payment Scheme has been set up by HM Government to make fair and transparent payments to Equitable Life policyholders who have suffered financial losses as a result of Government maladministration that was found to have occurred in the regulation of Equitable Life.

It is our understanding that for someone to be eligible for the Payment Scheme they must hold, or have held, investments in one or more of these policies:

  • Equitable Life Conventional With-Profits policy bought between 1 September 1992 and 31 December 2000 inclusive.
  • Equitable Life Accumulating With-Profits policy (both individual and Group scheme policies) that either started between 1 September 1992 and 31 December 2000 inclusive, or had at least one premium paid into it between 1 January 1993 and 31 December 2000 inclusive.
  • Equitable Life WPA (With-Profits annuity) policy bought between 1 September 1992 and 31 December 2000 inclusive.

We believe that if the above criteria are met, members of the NHS Group Scheme are eligible for the Payment Scheme, even if their investments have been transferred from Equitable Life to Prudential or Standard Life, or to a policy outside the Group Scheme.

We have been informed that the Payment Scheme has now made payment direct to eligible members of the NHS AVC Scheme. The Payment Scheme advises that if someone has not heard from them it might be because:

  • They are not eligible for the Payment Scheme.
  • The relative loss and the payment is less than £10.
  • The Payment Scheme does not have a valid address and is in the process of tracing the member.

For reasons of policyholder security the Payment Scheme cannot discuss individual cases over the telephone or in an e-mail. They recommend that any member of the NHS AVC Scheme who thinks they may be eligible for a payment should write to the Payment Scheme at this address:

Equitable Life Payment Scheme
PO Box 4110
G58 1EL

When writing they should quote their full name, address and Equitable Life policy number in all correspondence. The policy number will be on all correspondence from Equitable Life.

For more information about the Equitable Life Payment Scheme, please see their website.

equitable life payment scheme, equitable life

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