I have attended an event in Parliament to demonstrate my support for the victims of the Equitable Life scandal. This scandal occurred because of regulatory mistakes which meant more than 1 million pensioners, including many in Delyn, lost money they shouldn’t have.
The Government have produced figures which estimate that £4.1bn has been lost by victims of this scandal whilst simultaneously stating that only £1.5bn compensation will be allocated for them. Only 38,200 annuitants will receive 100% compensation and 895,000 people will receive only 22% of their losses.
The All Party Group is campaigning for the Government to:
• Pay the missing 77.6% now to the 895,000 victims – which equates to £2.6bn new money; and
• Pay the 9,000 pre-92 policy holders ex-gratia from the £140m underspend.
Pensioners in Delyn have lost their money through this scandal and it is only right that the Government provide the compensation they deserve.
There is a significant number of people in Delyn who have suffered because of the Equitable Life scandal. Many of these people have worked hard all their lives to put aside some funds for their retirement. Now is the time for the Government to do the right thing and pay them the compensation they are due.
Working with an All Party Group means that we can pressure the Government to implement reform on a non-partisan basis. I hope that the Government takes note of the large number of MPs who are calling for action.
People affected by the Equitable Life scandal are still waiting for 80% of their own money back. I believe that the right thing to do is give them the compensation needed.