EMAG

The independent action group for current and ex Equitable Life policyholders, funded by contributions.

Equitable Members Action Group

Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK

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  • 24/10/2014 - EMAG's rally 22nd October

    EMAG's third Westminster Rally and Demo took place in fine weather and it was a huge success. There were 350 seats in the Central Hall Westminster and barely an empty chair. EMAG members heard an inspiring speech by EMAG's President Honor Blackman. She was followed by stirring contributions from five backbench MPs and a message from Natascha Engel MP was read out by EMAG's Paul Braithwaite.

    Thereafter, the majority of members present donned Tee-shirts and adjourned to outside the Commons for a photograph with Honor and the joint chairmen of the APPG, Bob Blackman MP and Fabian Hamilton MP. Afterwards, dozens of members sought to lobby their MPs. Paul Weir, EMAG's communications director, is to be congratulated on excellent organisation.

    National Press Coverage

  • 21/10/2014 - EMAG's rally 22nd October

    EMAG has organised its third Westminster Rally. There'll be a screening of the new EMAG film (see above), speeches from prominent backbench MPs in the Central Hall Westminster, a protest outside St Stephen's entrance to the Commons and lobbying of individual MPs in the House.

    Read EMAG's press release explaining the event. This has already led to extensive press coverage in The Guardian, Independent, Standard, Herald on the day of the Rally - all of which will be linked to here asap.

  • 21/10/2014 - UK politics “kippered”

    Clacton's re-election of Douglas Carswell as the local MP was widely expected but the result in Manchester's Heywood & Middleton, where UKIP's candidate was only 617 votes behind Labour, sent shock waves around Westminster. With UKIP now consistent polling figures double the Lib Dems, the general election coming in less than 200 days is the most unpredictable in years. It's the best possible backcloth for Equitable victims to be pressing their claim for FULL compensation to all Parliamentary candidate hopefuls.

  • 21/10/2014 - The next APPG meeting set

    The Executive of the All-Party Parliamentary Group for Justice for Equitable Life Policyholders (APPG) has set the date and content for its next meeting.

    The new minister responsible at The Treasury, Economic Secretary Andrea Leadsom MP, will address the group. The meeting is for MPs only and will be held in Committee Room 9 at 4.30pm on Monday 10th November.

  • 21/10/2014 - Did you receive your AGM pack?

    EMAG's annual report and accounts should have landed on members' doormats by 21st October, containing the voting pack for the AGM to be held in London on 19 November. If your renewal invite and report hasn't reached you, please email: paulbraithwaite@gmail.com

  • 21/10/2014 - A death in the family

    Sad to report, EMAG's first chairman Vincent Nolan died on 17th August. He was chair of EMAG in 2000 and 2001 before stepping down to be replaced as chair by Paul Braithwaite. He remained an active EMAG supporter to the end.

  • 02/10/2014 - Invitees to speak at EMAG's Westminster Rally 22nd October

    EMAG has invited the following MPs to speak to our Rally to be held at Central Hall Westminster:

    • Cheryl Gillan (Tory) for Amersham & Chesham
    • Tim Farron (Lib Dem) Party president
    • Natascha Engel (Labour) chair of Commons backbench business committee
    • Douglas Carswell (UKIP parliamentary candidate for Clacton)

    Plus EMAG president, Honor Blackman, and the three MP executive members of the APPG.

  • 02/10/2014 - An exchange with the minister

    On 24th July EMAG wrote to invite the Treasury's new minister responsible for Equitable Life, Andrea Leadsom MP, to speak to members at EMAG's October Rally. In a letter of 16th August she declined and regurgitated much of the Treasury's tired old script

    EMAG replied, rebutting the platitudes, but inviting her to address MPs on the APPG soon

    October 9th by-elections: the UKIP factor?

    On 9th October UKIP, which is proving popular with many disillusioned members, is expected to win its first seat in the UK Parliament with Douglas Carswell in Clacton. The Labour stronghold in Heywood & Middleton is expected to be an indicator of whether UKIP can also steal votes in depth from Labour.

    Commons Backbench Business Committee

    Since 2010 the Commons' new Backbench Business committee has the prerogative to determine the subject of debate in the chamber on a minimum of 27 days per year. The chair of that committee is Natascha Engel, Labour MP for North East Derbyshire.

    On Friday 1st August Natascha met with 70+ EMAG members (plus Paul Braithwaite) in Eckington Community Centre. Members were told that the MP would seek to schedule a debate on Equitable Life.

  • 02/10/2014 - EMAG's AGM

    The AGM of EMAG will be held in London on Wednesday 19th November. The keynote speaker will by Chris Wiscarson, chief executive of Equitable Life. The EMAG annual report and accounts (now at the printers) should be received by EMAG's current paid-up members in mid-October.

  • 02/10/2014 - EMAG Regional roadshows

    Since summer 2013 EMAG's regional co-ordinator, Chris Harlow, and his team have completed three dozen regional meetings with thousands of EMAG members up and down the country.

    The workshops have set up hundreds of EMAG constituency groups of volunteer committees and activists. Each group has the goal to engage their particular MP in a dialogue, by post or face-to-face, and to make sure the MPs understand that they each have hundreds of dissatisfied Equitable Life constituents.

    Many EMAG members have been frustrated to find their MP acting as ‘postman’, writing on their behalf to the Treasury and then forwarding the carefully crafted standard ‘cookie cutter’ responses back to them, thinking the job is done.

    But EMAG members should be persistent and convey that if the MP fails to seek to persuade the Treasury to pay the balance of the £3 billion unpaid debt for maladministration, they risk losing the support of thousands of victims and their families at the May 2015 general election.

    They should also point out that the Government's only reason for paying us just 23p in the pound was the state of the economy in October 2010. Now that the economy is improving, that argument no longer stands up.

    And why should we be treated differently from savers with Northern Rock, Icesave, Bradford and Bingley, Halifax or RBS who all got 100% of their savings protected or reimbursed? The flimsy ‘systemic risk’ argument used by the Treasury is wafer thin.

    But nobody is going to write a cheque if EMAG members don't make their anger felt. 2014 is the year when we could turn a little effort into a lot of money.

    If YOU want the rest of your money back – DO something about it! Contact your MP and let him/her know what you think!

    If you would like to join your local EMAG group, please contact alec.burslem@emagregional.org.uk

  • 02/10/2014 - Does this help unravel the calculations?

    On 23rd July, the Treasury quietly published on its website two example calculations designed to help policyholders gain a better understanding of the payment calculation the Equitable Life Payment Scheme has carried out. EMAG is currently working with a sample of members to ‘test drive’ to see if they are actually helpful. This is an extremely slow response to the Public Accounts Committee recommendations of July 2013.

  • 02/10/2014 - EMAG's recent survey of members

    EMAG recently conducted an online survey of our members' attitudes. Nearly two and a half thousand members responded. It showed that 85% are dissatisfied with their 22% compensation payment and 99% want to campaign for the missing 78%.

    • Non–WPA (getting 22%) – 85% dissatisfied with their payment.
    • Post 92 WPAs – 62% dissatisfied with their payment.
    • Pre 92 WPAs – 72% dissatisfied with their payment.

    Click here to see the full survey results

    This demonstrates graphically the profound dissatisfaction of the vast majority of Equitable Life policyholders with the paltry payout to non WPAs, which was set in the dark days of October 2010 at just 22%. It's time for the government to put this right. It could even be a vote winner for them!

  • 02/10/2014 - The APPG and the PAC

    The Equitable Life APPG met on 29th April. The Rt Hon Margaret Hodge MP, chair of the Public Accounts Committee (PAC) had an interesting dialogue with MPs and EMAG, following her committee's report on Equitable Life in July 2013.

    Read the minutes of the APPG meeting of 29th April.

    The direct consequence was that the PAC called back the Treasury and NS&I witnesses before the committee on 12th May. EMAG's Paul Braithwaite attended. Read the minutes and observe how the Inland Revenue's director of business and international tax, Mike Williams, answered.

    EMAG found Williams' testimony incomplete and wrote again to Margaret Hodge pointing out these deficiencies, on 30th May. EMAG has had a subsequent dialogue with the PAC and a further report is to be published.

  • 14/08/2014 - Commons Backbench Business Committee

    Since 2010 the Commons' new Backbench Business committee has the prerogative to determine the subject of debate in the chamber on a minimum of 27 days per year. The chair of that committee is Natascha Engel, Labour MP for North East Derbyshire.

    On Friday 1st August Natascha met with 70+ EMAG members (plus Paul Braithwaite) in Eckington Community Centre. Members were told that the MP would seek to schedule a debate on Equitable Life compensation.

    A week later, a similar EMAG member meeting was held with ex-minister Owen Patterson MP in his constituency.

  • 14/08/2014 - Please help with our MP Campaign

    All over the country, EMAG members are getting together to meet with their MPs or to start a dialogue with letters to their MP signed by several constituents. If you are invited to sign such a letter, please read it and join in. We need to make a big impression on MPs in the next few weeks.

  • 14/08/2014 - Does this help unravel the calculations?

    On 23rd July, the Treasury quietly published on its website two example calculations designed to help policyholders gain a better understanding of the payment calculation the Equitable Life Payment Scheme has carried out. EMAG is currently working with a sample of members to ‘test drive’ to see if they are actually helpful. This is an extremely slow response to the Public Accounts Committee recommendations of July 2013.

    https://www.gov.uk/government/publications/equitable-life-payment-scheme-further-information-on-the-payment-calculation

  • 14/08/2014 - Invitees to speak at EMAG's Westminster Rally 22nd October

    EMAG has invited the following MPs to speak to our Rally to be held at Central Hall Westminster:

    • Andrea Leadsom (minister responsible at the Treasury)
    • Tim Farron (Lib Dem)
    • Chris Leslie (Labour shadow Financial Secretary)
    • Patrick O'Flynn (UKIP's economic spokesman)

    plus the three MP executive members of the APPG. We'll see who accepts!

  • 19/06/2014 - EMAG's recent survey of members

    EMAG recently conducted an online survey of our members' attitudes. Nearly two and a half thousand members responded. It showed that 85% are dissatisfied with their 22% compensation payment and 99% want to campaign for the missing 78%.

    • Non–WPA (getting 22%) — 85% dissatisfied with their payment.
    • Post 92 WPAs — 62% dissatisfied with their payment.
    • Pre 92 WPAs — 72% dissatisfied with their payment.

    Click here to see the full survey results

    This demonstrates graphically the profound dissatisfaction of the vast majority of Equitable Life policyholders with the paltry payout to non WPAs, which was set in the dark days of October 2010 at just 22%. It's time for the government to put this right. It could even be a vote winner for them!

  • 19/06/2014 - Dr Ros Altmann honoured

    On the 14th June the lead activist for the Pension Action Group (PAG), Ros Altmann, was honoured with a CBE for her years of determined service to seek compensation for occupational pensioners with ASW and others, which led to the setting up of the Financial Assistance Scheme (FAS).

    EMAG congratulates a fellow campaigner on this well deserved recognition!

  • 19/06/2014 - The APPG and the PAC

    The Equitable Life APPG met on 29th April. The Rt Hon Margaret Hodge MP, chair of the Public Accounts Committee (PAC) had an interesting dialogue with MPs and EMAG, following her committee's report on Equitable Life in July 2013.

    Read the minutes of the APPG meeting of 29th April

    The direct consequence was that the PAC called back the Treasury and NS&I witnesses before the committee on 12th May. EMAG's Paul Braithwaite attended. Read the minutes and observed how the Inland Revenue's director of business and international tax, Mike Williams, answered.

    EMAG found Williams' testimony incomplete and wrote again to Margaret Hodge pointing out these deficiencies, on 30th May.

  • 19/06/2014 - EquitableLife's AGM

    Equitable Life's AGM was held in London on 19 May. The number of attendees was up, due to members wanting to understand better the prospective ramifications of the forthcoming relaxation in access to pension savings. Once again, chief executive Chris Wiscarson has passed on his bonus entitlement — in sharp contrast to his predecessor, carpet–bagger Charles Thompson, who took £1 million pound plus annually from Equitable Life in its darkest years. The society is now stabilised and ongoing members are receiving boosts to their policy fund values. 80% of the WP fund apparently has a 3.5% GIR guarantee — valuable in the recent years of ultra–low interest rates.

  • 03/04/2014 - EMAG Regional Roadshows

    Since last summer EMAG's regional co–ordinator, Chris Harlow, and his team have completed three dozen regional meetings with thousands of EMAG members up and down the country.

    The workshops have set up hundreds of EMAG constituency groups of volunteer committees and activists. Each group has the goal to engage their particular MP in a dialogue, by post or face–to–face, and to make sure the MPs understand that they each have hundreds of dissatisfied Equitable Life constituents.

    Many EMAG members have been frustrated to find their MP acting as ‘postman’, writing on their behalf to the Treasury and then forwarding the carefully crafted standard ‘cookie cutter’ responses back to them, thinking the job is done.

    But EMAG members should be persistent and convey that if the MP fails to seek to persuade the Treasury to pay the balance of the £2.8 billion unpaid debt for maladministration, they risk losing the support of thousands of victims and their families at the May 2015 general election.

    They should also point out that the Government's only reason for paying us just 22p in the pound was the state of the economy in October 2010. Now that the economy is improving, that argument no longer stands up.

    And why should we be treated differently from savers with Northern Rock, Icesave, Bradford and Bingley, Halifax or RBS who all got 100% of their savings protected or reimbursed? The flimsy ‘systemic risk’ argument used by the Treasury is wafer thin.

    But nobody is going to write a cheque if EMAG members don't make their anger felt. 2014 is the year when we could turn a little effort into a lot of money.

    If YOU want the rest of your money back – DO something about it! Contact your MP and let him/her know what you think!

    Paul Weir, Communications Director of EMAG

  • 03/04/2014 - Equitable Life

    On 24 March Equitable Life announced an uplift for remaining policyholders who decide to quit the Society. Those who leave will receive a 25% bonus, and the exit penalty (often known as an MVA) which has prevailed since 2001 is now removed. See:

    http://www.equitable.co.uk/media/38540/uk-march-letter.pdf

    Several with–profits annuitants have asked “Why not us?”. The answer is that their contracts were sold as a block by Vanni Treves and Charles Thompson to the Prudential and the Society has had no contractual relationship with any annuitants since 2007. In the intervening years the Society has changed enormously and the new board, under chief executive Chris Wiscarson, has steered the Society back to being sound and solvent, pulling the mutual back from the brink.

    The Society's AGM is to be held on Monday 19th May at the Regent's Park Holiday Inn. EMAG directors will attend.

  • 03/04/2014 - Judicial Review

    Since last autumn, EMAG has, through its retained expert public law solicitors, been very actively engaged in protracted legal exchanges with The Treasury. In essence EMAG is seeking to enforce the Coalition's commitment that the calculation of compensation payments should be transparent and comprehensible. There are ongoing negotiations. Suffice to say that a meeting has taken place between EMAG, our actuary, The Treasury and Towers Watson – but we cannot reveal more at this time.

    EMAG will persist in pressing to get the tranparency we all want.

  • 03/04/2014 - The Prudential's treatment of WPAs

    Many EMAG WPAs have expressed dismay at their treatment by the Pru. There is incredulity at the continuing poor bonus declarations and the quality of communications. To examine the Pru's behaviour, EMAG is setting up a working group under EMAG director Jeff Worsley. If you would like to actively participate in the working group, please send him an email to: WPAgroup@emag.org.uk

  • 03/04/2014 - The APPG

    The next meeting of the APPG is scheduled for Tuesday 29 April at 4.00pm, when MPs will have the opportunity to hear from the Rt Hon Margaret Hodge MP, chair of the Public Accounts Committee (PAC).

    It's pleasing to note that membership of the all-party group of MPs signed up to ‘Justice for Equitable life Policyholders’ has grown steadily to an impressive 191 MP members. See: http://www.emag.org.uk/justice_group.php

    Please ask your MP to join. They can become a member by contacting the Secretariat: pscaping@bell-pottinger.com

  • 20/12/2013 - EMAG on R4's ‘You and Yours’

    At lunchtime on Monday 16 December, Radio 4's ‘You and Yours’ had a five–minute item on the new payments made pre–Christmas to the pre–1992 with–profits annuitants. First, lisetners heard from EMAG member Harold Gurvick, followed by Paul Braithwaite, who flagged up EMAG#39;s ongoing fight!

    Listen to the EMAG on the ‘You and Yours’ Recording.

  • 13/12/2013 - EMAG's success in getting pre–1992s paid before Christmas

    Since the Budget announcement of £45million for pre–1992 annuitants, EMAG has strained every nerve to impress on the Minister, the Treasury Team, the APPG and the media the importance of getting payments out to these 10,000 oldest and frailest pensioners — previously unfairly excluded. The plan had been to delay payments until April 2014. We thank Mininster Sajid Javid MP for listening to EMAG and the APPG and expediting. 9,000 of the payments will now be made before Christmas. EMAG will continue to campaign for this group for compensation to be on the same terms as their younger annuitant brethren.

  • 13/12/2013 - The Equitable's all–party group (APPG)

    The APPG's formal AGM to re–appoint the Executive was held on 5th November at number 1 Parliament Street. Read the minutes of the APPG's formal AGM

    The all–party parliamentary group of MPs for Justice for Equitable Life policyholders, now numbering 186 MPs, had previously held a useful meeting with minister Sajid Javid MP on 11 September. Read the minutes of the meeting.

    EMAG directors and the MPs present pressed the minister to seek to bring forward the £5,000 payments to pre'92 WP annuitants to be made before Christmas. Subsequent to the meeting, the APPG Executive, wrote to the minister on 23rd October with further requests.

    The minister replied to the Executive on 20 November.

  • 13/12/2013 - EMAG succeeds in delaying compensation Scheme's closure

    EMAG scored a considerable success through its representations to MPs and The Treasury. The ELPS compensation Scheme was planned to wind down after Christmas and close at the end of March. With 200,000 eligible policyholders currently untraced, EMAG argued the Scheme MUST be extended. On 9 October the minister announced agreement to extend the Scheme's closure date to 30 June 2015. You can download a digest of press cuttings on the extension of the scheme.