The Government will make ex-gratia payments of £5,000 to Equitable Life policyholders who bought their annuity before 1992, today’s Budget has revealed.
The Government will also make an extra £5,000 available to those on the lowest incomes who are on pension credit. There is no legal obligation to make either of these payments.
Gavin said: “I am proud that two years ago Conservatives in Government set aside £1.5 billion to help so many of my constituents who had been let down when Equitable Life failed.
“Now we are helping another 9,000 people across the country. It took nearly a decade for the last Labour Government to own up to their responsibilities. We acted immediately. This will make a huge difference to the many older people who were affected in South Staffordshire.”