Updated 30th September, 2016

EMAG exists to campaign for full government compensation. Will members of EMAG please note that because of pressure of work we regret it is not possible to answer individual written enquiries.

A short video which explains what EMAG is fighting for.

EMAG has just published a new up-to-date fact sheet, which you can obtain by clicking here.

Recent quote:

Extract from Bob Blackman MP's letter to the new Treasury Minister responsible, Simon Kirby MP:
“Invitation to an APPG Justice for Equitable Life Policyholders Meeting

...you will be aware of the ongoing problem of the Equitable Life scandal. Now that the Treasury has closed the compensation scheme to new applicants, everyone is traced and their contact details known, we know the number of claimants and the impact on them. I have enclosed a document prepared by the Equitable Members' Action Group (EMAG) which provides calculations on the numbers of people who require compensation. As matters stand, the overwhelming majority (894,456 people) have only had 22.4% of the amount due, leaving a shortfall of £2.6bn.

The APPG Justice for Equitable Life Policyholders is the largest APPG in Parliament, with a membership of over 200 MPs. There is strong interest in holding a meeting to discuss how best to rectify the matter, as well as to find clarity on a number of other related issues, as soon as possible.

I would therefore like to invite you to attend a meeting of the APPG in your official capacity as Economic Secretary, in the week commencing Monday 31st October, at a mutually convenient time...”

APPG co-chair's letter to Economic Secretary to The Treasury, 13 September, 2016

Latest News

Political volatility

Back on 1st July this website had as a headline “May you live in interesting times”. That was an understatement after the last three months of turmoil! But we're heading for some clarity now that the Party Conference season is over (almost).

For Equitable Life the three main developments are the appointments of The Rt Hon Philip Hammond MP as Chancellor, Simon Kirby MP as Economic Secretary and the confirmation of Jeremy Corbyn MP as Leader of the Opposition, likely through the next General Election.


Because of the total rejig of government appointments, the number of MPs on the APPG has fallen (temporarily!) from 208 to 193 MPs. This embraces 27 from the Scottish National Party, 54 from Labour and 96 Conservative backbench MPs. However some MPs recently released from their ministerial responsibility are now JOINING the APPG.

The APPG will be jointly holding a lunchtime reception with EMAG in The Commons on 11 October for MPs to meet thirty invited Equitable Life policyholder victims face-to-face.

EMAG's AGM and Report & Accounts

For the second year running EMAG's AGM will be held in the Birmingham City Library. It will take place on Wednesday 9th November. Only paid-up members of EMAG are entitled to attend. EMAG's Report and Accounts and member voting packs are at the printers and should be received by mid-October.

ELPS compensation paid out to September 2016

The latest updated figures (obtained by FoI) show that the Treasury has failed to trace 10% of policyholders entitled to compensation (107,647). The total compensation paid out to 849,584 non-WPA policies was £740 million (of the £775m designated). 38,298 with-profits annuitants have so far received £371 million to 1 September. Separately, 9,229 pre-1992 WPAs have received a total of £48 million as an ex-gratia payment.

Finding out how ELPS calculated your payments

After a protracted stand off, the Treasury agreed to work with EMAG and our actuary David Forfar to help us understand how ELPS's payment calculations were arrived at for the 900,000 with-profits policyholders who were eligible for compensation who are not WPAs*.

Mr Forfar - the former Chief Actuary with Scottish Windows and a Fellow of the Institute of Actuaries - is assisting EMAG at no charge, for which we are very grateful. Following his successful work in 2014 on WPA policies, Mr Forfar has built a model of all the main non-WPA policy types (such as personal pension policies, managed pensions Income drawdown, bonds and PIPs) using all the publicly available data from the Treasury and ELPS. The model is based on 23 ACTUAL examples.

Mr Forfar identified areas of information that he believed the Scheme had not adequately provided, which in his view made it impossible to correctly arrive at a calculation. Clarification of these points was sought. This kind of lengthy “reverse-engineering” is necessary because the Treasury refused to show us THEIR model.

Mr Forfar has been trying to satisfy himself that his models can reproduce the same outcomes produced by the Scheme. This work is on-going and EMAG hopes to publish his conclusions when (and if) the work is finished.

*You can read David Forfar's conclusions on WPA policies (annuities) here.

EMAG's successful Westminster Rally, 22nd October, 2014

EMAG's campaign objectives

EMAG will campaign until fair compensation is awarded to the million victims of the Equitable Life scandal.

For the majority 945,000 victims

95% of Equitable's with profits policyholders have received just 22% of the Treasury's calculation of their ‘relative losses’ without any interest paid from 2009 onwards.

With the economy at last recovering, we are campaigning for a commitment that victims will receive the missing 78% of their compensation entitlement.

For the pre–1992 WP Annuitants

We are campaigning to get MPs to insist that the 10,000 pre–September 1992 WP Annuitants are compensated on exactly the same terms as those who took their WP Annuity after that date. We view the current flat rate £5,000 as a welcome down–payment.

For the post–1992 Annuitants

For the 37,000 WP Annuitants who are receiving an alleged ‘100% of their relative losses’ we are seeking dialogue with The Prudential to see why annuity payments continue to fall every year.